Trinseo PLC Announces Redemption of 5.375% Senior Notes due 2025 and Final Results of Exchange Offer and Consent Solicitation

Trinseo PLC, a specialty material solutions provider, disclosed on January 15, 2025, that its indirect wholly owned subsidiaries, Trinseo Holding S.à r.l. and Trinseo Materials Finance, Inc., have initiated the redemption process for all issued and outstanding 5.375% senior notes due 2025. The redemption, pursuant to the 2025 Notes Indenture, was supplemented by a conditional notice of redemption, with the redemption date expected to be on or before January 17, 2025. The redemption price for the notes entails 100.000% of the principal sum, in addition to accrued and unpaid interest up to the redemption date.

The redemption is conditional upon the successful completion and funding of transactions outlined in the Transaction Support Agreement dated December 9, 2024. This condition, per Trinseo, could be waived at the Existing Issuers’ discretion, potentially delaying the redemption date further until fulfillment of the condition.

In a separate development, on January 15, 2025, the company provided the results of the exchange offer and consent solicitation concerning its 5.125% senior notes due 2029. Approximately $446.5 million of the notes were tendered and accepted in connection with the exchange offer, representing 99.88% of the total outstanding principal amount. The Settlement Date for this exchange is slated for January 17, 2025. The company will issue approximately $379.5 million in new 7.625% Second Lien Secured Notes due 2029 in exchange for the Existing Notes, among other settlement considerations.

Moreover, the Exchange Offer and Consent Solicitation included adopting proposed amendments to the existing notes indenture, to which the requisite consents were received from the note holders, enabling the proposed amendments to take effect upon the Settlement Date. Additional transactions imminent from the transaction support agreement are also expected to materialize on the same date.

Trinseo advised that its announcement is solely informational and not an inducement to purchase or sell securities. The new notes issued in the exchange offer are restricted from sale in the United States without proper registration or exemption from registration requirements.

Legal counsel was provided by Ropes & Gray LLP, Centerview Partners LLC acted as the investment banker, and FTI Consulting served as financial advisor to Trinseo, with Goldman Sachs serving as dealer manager and solicitation agent in the exchange offer.

This release contains forward-looking statements, which are subject to uncertainties and inherent risks detailed in the Company’s filings with the SEC, cautioning against reliance on these statements. Trinseo plans to update or modify forward-looking statements as required by law.

For further information, please contact Bee van Kessel at [email protected] or +41 44 718 3685.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Trinseo’s 8K filing here.

About Trinseo

Trinseo PLC operates as a specialty material solutions provider in the United States, Europe, the Asia-Pacific, and internationally. It operates through five segments: Engineered Materials, Latex Binders, Plastics Solutions, Polystyrene, and Americas Styrenics. The Engineered Materials segment offers rigid thermoplastic compounds and blends, soft thermoplastic, continuous cast, cell cast, activated methyl methacrylates (MMA), PMMA resins, and extruded PMMA sheets and resins for consumer electronics, medical, footwear, automotive, and building and construction applications under the EMERGE, CALIBRE, PLEXIGLAS, ALTUGLAS, ACRYSPA, AVONITE, STUDIO, MEGOL, APILON, APIGO, and APINAT brands.