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TPC Group plans $50 million tap of 8¾% secured notes due 2020
By Paul A. Harris
Portland, Ore., Oct. 20 – TPC Group Inc. announced in a Monday press release that it plans to offer a $50 million add-on to its 8¾% senior secured notes due Dec. 15, 2020.
The add-on is a Rule 144A and Regulation S offering.
Proceeds will be used to repay borrowings outstanding under TPC Group’s senior secured asset-based revolving credit facility.
TPC Group is a Houston-based processor and service provider of value-added products derived from niche petrochemical raw materials.
The original $655 million issue priced at par in December 2012.
A previous $100 million add-on priced at 101 to yield 8.528% in January 2013. BofA Merrill Lynch, Jefferies & Co. Inc. and Morgan Stanley & Co. LLC were the joint bookrunners for that add-on.
The add-on notes are expected to be fungible with TPC Group’s original 8¾% notes and will have substantially the same terms. The Rule 144A notes will be issued with the same Cusip numbers as the original notes. The Regulation S notes will become fungible with the original notes 40 days following the issue date.
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