Trinseo enters RSA to cut ~$2.0B debt via pre-packaged Chapter 11; equity holders get no recovery

Trinseo PLC

RSA reduces funded debt by ~$2.0B and annual interest expense by ~$140M.
Pre-packaged Chapter 11 cases expected by May 25, 2026; company operates as debtor-in-possession.
Existing equity interests cancelled with no recovery; lenders receive 100% of reorganized equity.
DIP commitments total $427.5M ($270M OpCo + $157.5M Super HoldCo); $150M A/R facility agreed.
Exit financing includes $850M term loan and $200M revolver; $450M equity rights offering backstopped.

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