BERWYN, Pa.--(BUSINESS WIRE)--
Trinseo (NYSE: TSE), a global materials company and manufacturer of
plastics, latex and rubber, today announced the pricing of an offering
of $700 million equivalent in gross proceeds of senior notes consisting
of $300 million senior notes due 2022 (the “Dollar Notes”) and €375
million senior notes due 2022 (the “Euro Notes” and, together with the
Dollar Notes, the “Notes”) by its subsidiaries Trinseo Materials
Operating S.C.A. and Trinseo Materials Finance, Inc. (together, the
“Issuers”). The net proceeds from the Notes offering, together with
approximately $500 million of 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’ 8.750% Senior Secured Notes due 2019.
The Dollar Notes will bear interest at a rate of 6.750% and the Euro
Notes will bear interest at a rate of 6.375%. The Issuer will pay
interest semi-annually in arrears on the Notes on May 1 and November 1
of each year beginning on November 1, 2015. The Notes will mature on May
1, 2022.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Notes. The 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 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.
About Trinseo
Trinseo is a leading global materials company and manufacturer of
plastics, latex and rubber, dedicated to collaborating with customers to
deliver innovative and sustainable solutions. Trinseo’s technology is
used by customers in industries such as home appliances, automotive,
building & construction, carpet, consumer electronics, consumer goods,
electrical & lighting, medical, packaging, paper & paperboard, rubber
goods and tires. Trinseo had approximately $5.1 billion in net sales in
2014, with 19 production sites around the world, and approximately 2,100
employees. Formerly known as Styron, Trinseo completed its renaming
process in the first quarter of 2015.
Note on Forward-Looking Statements
Certain statements in this press release are forward-looking
statements. These forward-looking statements involve a number of risks,
uncertainties, and other factors including the failure to consummate the
notes offering or the new senior secured credit facility and potential
changes in market conditions that could cause actual results to differ
materially from those expressed or implied by such statement. We
caution investors not to place undue reliance on the forward-looking
statements contained in this press release. You are encouraged to
read our filings with the SEC, available at www.sec.gov,
for a discussion of these and other risks and uncertainties that we face.
Source: Trinseo