Ineos (Lyndhurst / UK; www.ineos.com) has reached agreement with its senior lenders on the financing of its EUR 7.5m debt. The deal includes a package of amendments to its financing arrangements, including a reset of the company’s financial covenants. Ineos’ proposals required approval by two-thirds of the 230-strong banking consortium and were agreed by over 96% of the lenders, without amendment. The overall package is effective from 17 July 2009, while the new leverage, interest cover and debt service covenant levels will be introduced in September 2009.

On 25 June 2009, Ineos announced that an informal group of lenders, established to consider the company’s five year business plan and 2009 budget, had agreed to support a package of amendments to its financing arrangements. This has now been adopted. The company said that its five-year business plan has been reviewed in great detail and ‘stress-tested’ by the banks and their advisors.

Jim Ratcliffe, Ineos founder and chairman said: “I am grateful for the strong support of our investors through this process. The covenant reset provides the necessary headroom and flexibility to progress our current strategy.”