Chemical manufacturer Trinseo announced that the company entered into a transaction support agreement with certain groups of lenders to enter into a liability management transaction.

The participating lenders include:

• 74% of holders of the 5.125% senior notes due 2029;
• 76% of holders of the 5.375% senior notes due 2025;
• 64% of holders of loans under the OpCo Credit Agreement; and
• 82% of holders of loans under the 2028 Refinance Credit Agreement.

The transaction has seven parts to it and will result in the company:

1. Incurring a new $115m incremental term loan under the 2028 Refinance Credit Agreement;
2. Obtaining a new $300m super priority revolving credit facility;
3. Terminate the revolving credit facility under the OpCo Credit Agreement;
4. Issuing New 2L Notes in exchange for the 2029 Notes of holders who elect to tender their outstanding 2029 Notes in the exchange;
5. Redeeming all outstanding 2025 Notes;
6. Designating certain subsidiaries as unrestricted subsidiaries under the OpCo Credit Agreement and indenture in respect of the 2029 Notes; and
7. Facilitating two new intercompany incremental term loan tranches under the OpCo Credit Agreement.

Under the TSA the transaction must close by 15 February, 2025.

The company was advised by Ropes & Gray as counsel, Centerview Partners as investment banker, and FTI Consulting as financial advisor.

The company provided a summary below.