Ineos interest payments soar
INEOS, the largest private company in the UK, will see interest payments on its £6.4bn debt soar after it restructured its financing arrangements.
The world’s third-largest chemicals group, run by chief executive and chairman Jim Ratcliffe, will now pay annual interest of £666m on its debt, up from £534m.
The company’s earnings are forecast to fall to £940m this year, down from £1.7bn in 2007.
The company, which is being advised by Lazard, was forced to accept the new terms by its 230-strong banking syndicate.