Trinseo trims term loan to $700 million, ups bonds to $500 million

By Sara Rosenberg

New York, Aug. 15 – Trinseo Materials downsized its seven-year covenant-light first-lien term loan to $700 million from $750 million as its senior notes offering was upsized to $500 million from $450 million, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The term loan is talked at Libor plus 250 basis points to 275 bps with a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

Prior to the change in loan size, it was announced that the commitment deadline for the term loan was moved up to 5 p.m. ET on Tuesday from noon ET on Wednesday, a market source said.

Along with the term loan, the company is expected to get a $375 million revolving credit facility.

Barclays and Deutsche Bank Securities Inc. are the lead banks on the deal. Deutsche Bank is the administrative agent.

Proceeds will be used to refinance existing debt, including 6.375% euro senior notes, 6.75% U.S. senior notes and credit facilities borrowings.

Trinseo is a Berwyn, Pa.-based materials solutions provider and manufacturer of plastics, latex binders and synthetic rubber.

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