By Paul A. Harris
Portland, Ore., Jan. 16 - TPC Group Inc. priced a $100 million add-on to its 8¾% senior secured notes due Dec. 15, 2020 (B3/B/) at 101 to yield 8.528% on Wednesday, according to a syndicate source.
The reoffer price came on top of price talk.
Bank of America Merrill Lynch, Jefferies & Co. Inc. and Morgan Stanley & Co. LLC were the joint bookrunners for the quick-to-market deal.
Proceeds will be used for general corporate purposes, including for strategic capital projects.
The issuer is a Houston-based processor and service provider of value-added products derived from niche petrochemical raw materials.
| Issuer: | TPC Group Inc.
|
| Face amount: | $100 million
|
| Proceeds: | $101 million
|
| Maturity: | Dec. 15, 2020
|
| Security description: | Add-on to 8¾% senior secured notes due Dec. 15, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, Jefferies & Co. Inc., Morgan Stanley & Co. LLC
|
| Coupon: | 8¾%
|
| Price: | 101
|
| Yield: | 8.528%
|
| First call: | Callable on Dec. 15, 2016 at 104.375; 101%
|
| Change-of-control put: | 101%
|
| Equity clawback: | 35% at 108.75 until Dec. 15, 2015
|
| Trade date: | Jan. 16
|
| Settlement date: | Jan. 22 with accrued interest
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 101
|
| Marketing: | Quick to market
|
| Original issue: | $655 million priced at par on Dec. 11, 2012
|
| Fungibility: | Add-on notes are immediately fungible with the existing notes
|
| Total issue size: | $755 million
|
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