Trinseo launches exchange offer for $447M 5.125% notes due 2029 at 85% of par

Trinseo PLC

Exchange offer: $1,000 existing 5.125% notes due 2029 for $850 in new 7.625% second lien secured notes due 2029.
Consents sought to eliminate restrictive covenants; holders representing ~74% of notes already support the offer.
Offer expires Jan 15, 2025; withdrawal deadline Jan 2, 2025; conditioned on >50% participation.
LuxCo merger completed; credit agreements amended to permit the exchange and related transactions.
New notes are guaranteed by Trinseo PLC and certain subs; secured by second-priority liens on specified assets.

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