Trinseo launches $750 million term loan at Libor plus 250-275 bps

By Sara Rosenberg

New York, Aug. 7 – Trinseo Materials launched at its bank meeting on Monday a $750 million seven-year covenant-light first-lien term loan that is talked at Libor plus 250 basis points to 275 bps with a 0% Libor floor and an original issue discount of 99.75, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Prior to the bank meeting, the term loan size was described as in the range of $700 million to $800 million.

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

Commitments are due at noon ET on Aug. 16, the source added.

Proceeds will be used to refinance existing debt.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.