A company two steps from the riskiest credit-rating band is selling more than 1 billion euros ($1.1 billion) of debt as European Central Bank stimulus opens debt markets to even the lowest-ranked borrowers.

Inovyn, a U.K. maker of PVC, is seeking 775 million euros in loans and offering 300 million euros of five-year bonds, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak publicly. Proceeds will be used to refinance 785 million euros of notes maturing in February and to fund Solvay SA’s 335 million-euro exit payment, which will leave Ineos as sole shareholder.

Refinancing in Europe’s leveraged loan market has surged as expanded ECB quantitative easing lowers borrowing costs and spurs investors to purchase riskier assets. Refinancing accounts for almost half of the 3.5 billion euros of loans raised since the end of March, according to data compiled by Bloomberg.

A spokeswoman at Inovyn, which is rated B2 by Moody’s Investors Service, was unable to immediately comment on the sale. It’s the lowest-rated company to come to the market since Ardagh Group SA sold 750 million euros of notes last month.

The S&P European Leveraged Loan Index of loan prices rose to 97.2 on Friday from 95.2 at the end of February, which was the lowest since 2014.

French telecoms company Numericable-SFR SA raised 850 million euros as part of a loan offering that included dollars last month to refinance debt. Schenck Process GmbH, a German maker of measuring technology, raised 310 million euros in term loans on April 26 to help refinance existing debt.

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