Styrolution announces withdrawal of proposed new term loan credit agreement and redemption of all of its outstanding senior secured notes due 2016
08/07/14
Frankfurt, Germany
Frankfurt am Main – August 7, 2014 – Due to changes in market conditions, Styrolution Group GmbH ("Styrolution") today announced the withdrawal of its previously announced planned borrowing of term loans of approximately €1.6 billion. As a result, the Refinancing Condition in respect of the conditional notice that Styrolution issued on July 4, 2014 stating its intention to redeem (subject to the satisfaction or waiver of the Refinancing Condition) its existing 7.625% senior secured notes due 2016 will not be satisfied on or before September 2, 2014.
ABOUT INEOS STYROLUTION
INEOS Styrolution is the leading, global styrenics supplier with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. With world-class production facilities and more than 85 years of experience, INEOS Styrolution helps its customers succeed by offering the best possible solution, designed to give them a competitive edge in their markets. The company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, toys/sports/leisure, and packaging. In 2015, sales were at 5 billion euros. INEOS Styrolution employs approximately 3,100 people and operates 15 production sites in nine countries.
