M&A - Trinseo PLC

Form Type: 8-K

Filing Date: 2025-01-17

Corporate Action: Acquisition

Type: New

Accession Number: 000110465925004557

Filing Summary: On January 17, 2025, Trinseo PLC executed a material definitive agreement involving an Exchange Offer to exchange all existing 5.125% senior notes due 2029 for new 7.625% Second Lien Senior Secured Notes due 2029. This Exchange Offer was made by Trinseo Luxco Finance SPV and Trinseo NA Finance SPV LLC, which are wholly owned subsidiaries of Trinseo PLC. The transaction included a Consent Solicitation for amendments to the indenture governing the existing notes. The amendments aimed to eliminate restrictive covenants and events of default, impacting the rights of noteholders. The Company issued approximately $379.5 million in New 2L Notes and achieved a nearly full acceptance of the existing notes for exchange. The New 2L Notes will bear interest at a rate of 7.625% per annum and will be repaid semiannually. Additionally, the Existing Issuers redeemed all outstanding 5.375% senior notes due 2025 as part of this restructuring on the same date. The redemption price equaled the total principal and accrued interest of the notes, funded through an intercompany loan. This significant corporate action strengthens Trinseo’s financial position through enhanced capital structure and mitigated debt service obligations.

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