Ineos interest payments soar

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