Trinseo closes $1.077B secured term loan to refinance 2024 term loan & $385M of 2025 notes

Trinseo PLC

New $1.077B term loan facility led by Angelo Gordon, Oaktree, Apollo; annual cash interest SOFR+8.50%.
Proceeds used to repay entire $660M 2024 term loan and $385M of $500M 2025 senior notes.
Maturity May 3, 2028; option for partial PIK interest for up to 24 months at SOFR+4.25% cash plus 5.25% PIK.
Transaction eliminates 2024 debt maturity and over 75% of 2025 maturities, per CEO statement.
Call protection: make-whole months 0-18, 3% 18-30, 2% 30-42, par thereafter.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Trinseo PLC entered into Credit Agreement with Alter Domus (US) LLC valued at senior secured term loan facility of $1,077 million (effective 2023-09-08).

Action: entry
Agreement: credit facility
Counterparty: Alter Domus (US) LLC
Value: senior secured term loan facility of $1,077 million
Effective: 2023-09-08

Exact text from the filing

On September 8, 2023 (the "Closing Date"), Trinseo Luxco Finance SPV S.á r.l., (the "Lux Borrower"), an indirect wholly owned subsidiary of Trinseo PLC (the "Company"), and Trinseo NA Finance SPV LLC, an indirect wholly owned subsidiary of the Company (the "Co-Borrower" and, together with the Lux Borrower, the "Borrowers") entered into a Credit Agreement (the "Credit Agreement") as co-borrowers, with Trinseo Luxco S.á r.l. ("Parent") and Trinseo NA Finance LLC (together with Parent, the "Guarantors"), the lenders party thereto from time to time, and Alter Domus (US) LLC, as administrative agent and collateral agent.

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Trinseo PLC filing history →

Source: SEC EDGAR

accession 0001104659-23-099167

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