Trinseo PLC (NYSE:TSE), a global materials company, has finalized a series of strategic financial transactions, as disclosed in a recent SEC filing. On January 17, 2025, Trinseo, along with certain subsidiaries, executed agreements that are anticipated to impact the company's financial structure.
Key among the transactions is the issuance of new 7.625% Second Lien Senior Secured Notes due 2029 by Trinseo's wholly owned subsidiaries, Trinseo Luxco Finance SPV S.à r.l. and Trinseo NA Finance SPV LLC. These notes were released under an indenture with The Bank of New York Mellon (NYSE:BK), serving as trustee, and Alter Domus (US) LLC, acting as notes collateral agent.
Concurrently, Trinseo's indirect subsidiaries, Trinseo Holding S.à r.l. and Trinseo Materials Finance, Inc., entered into a supplemental indenture related to their existing 5.125% senior notes due 2029. This move is part of the company's broader debt restructuring efforts.
Additionally, the company has amended its credit agreements. Trinseo Luxco S.à r.l., another subsidiary, along with the existing issuers and guarantors, signed a new credit agreement with Deutsche Bank AG (NYSE:DB) New York Branch, which will serve as the administrative agent and collateral agent. This is referred to as the OpCo Super-Priority Credit Agreement.
Further amendments were made to the credit agreement dated September 6, 2017, and another amendment, known as the 2028 Refinance Credit Agreement Amendment, was applied to a credit agreement dated September 8, 2023.
The information for this article was obtained from a recent 8-K filing with the Securities and Exchange Commission.
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