By Paul A. Harris
Portland, Ore., Aug. 15 – Trinseo priced an upsized $500 million issue of eight-year senior notes (B3/BB-) at par to yield 5 3/8% on Tuesday, according to a market source.
The issue size was increased from $450 million.
The yield printed in the middle of the 5¼% to 5½% yield talk.
Deutsche Bank Securities Inc. managed the sale.
The Berwyn, Pa.-based manufacturer of plastics, latex binders and synthetic rubber plans to use the proceeds, together with about $750 million of term loan borrowings and available cash, to pay off the Trinseo Materials euro-denominated 6 3/8% senior notes and the dollar-denominated 6¾% senior notes, both maturing in 2022, and to refinance the existing senior secured credit facility.
| Issuers: | Trinseo Materials Operating SCA and Trinseo Materials Finance, Inc.
|
| Amount: | $500 million, increased from $450 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Lead manager: | Deutsche Bank Securities Inc.
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Call protection: | Three years
|
| Trade date: | Aug. 15
|
| Ratings: | Moody's: B3
|
| S&P: BB-
|
| Price talk: | 5¼% to 5½%
|
| Marketing: | Roadshow
|
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