Trinseo plans to repay 8¾% senior secured notes with IPO proceeds

By Marisa Wong

Madison, Wis., March 14 - Trinseo SA plans to repay debt under its 8¾% senior secured notes due 2019 using proceeds from an initial public offering of stock, according to an S-1 filing with the Securities and Exchange Commission.

As of Dec. 31, there was $1,325,000,000 principal amount of the notes outstanding. The company did not specify the redemption amount in the filing.

The company plans to price up to $200 million of ordinary shares via underwriters Goldman Sachs & Co., Deutsche Bank Securities, Citigroup, Morgan Stanley, Barclays, BofA Merrill Lynch, HSBC, Jefferies, Mizuho Securities, Scotiabank, SMBC Nikko and Wells Fargo Securities.

Proceeds from the stock sale will also be used for working capital and general corporate purposes.

Trinseo is a global materials company based in Berwyn, Pa.

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