Trinseo (NYSE: TSE), a global materials solutions provider and manufacturer of plastics, latex binders and synthetic rubber, today announced the pricing of an offering of $500 million in gross proceeds of senior notes due 2025 (the “ New Senior Notes”) by its subsidiaries Trinseo Materials Operating S.C.A. and Trinseo Materials Finance, Inc. (together, the “Issuers”). The net proceeds from the New Senior Notes offering, together with $700 million in term loan borrowings expected to be available under the Issuers’ new senior secured credit facility and available cash, will be used to repay all outstanding indebtedness under the Issuers’ 6.375% Senior Notes (Euro) and 6.750% Senior Notes (USD), each due 2022, to repay all outstanding borrowings under the Issuers’ Existing Senior Secured Credit Facility, and to pay related fees, expenses and premiums related to the refinancing.
The New Senior Notes will bear interest at a rate of 5.375%. The Issuers will pay interest semi-annually in arrears on the New Senior Notes on May 3 and November 3 of each year beginning on May 3, 2018. The New Senior Notes will mature on September 1, 2025.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the New Senior Notes. The New Senior Notes to be offered have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and other applicable state securities laws. The New Senior Notes are being offered only to persons reasonably believed to be qualified institutional buyers in the United States in reliance on Rule 144A under the Securities Act and outside the United States only to non-U.S. investors pursuant to Regulation S under the Securities Act.
Trinseo (NYSE:TSE) is a global materials solutions provider and manufacturer of plastics, latex binders, and synthetic rubber with a focus on delivering innovative, sustainable, and value-creating products that are intrinsic to our daily lives. Trinseo is dedicated to making a positive impact on society by partnering with like-minded stakeholders, and supporting the sustainability goals of our customers in a wide range of end-markets including automotive, consumer electronics, appliances, medical devices, packaging, footwear, carpet, paper and board, building and construction, and tires. Trinseo had approximately $3.0 billion in net sales in 2020, with 17 manufacturing sites around the world, and approximately 2,600 employees. For more information, please visit: www.trinseo.com.
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