MOSCOW (MRC) -- Trinseo, a global materials company and manufacturer of plastics, latex and rubber, has announced that it intends to raise USD750 million equivalent in gross proceeds (in one or both of US dollars and euros) through an offering of senior notes due 2022 by its subsidiaries Trinseo Materials Operating S.C.A. and Trinseo Materials Finance, Inc., said the producer on its site.
The net proceeds from the notes offering, together with approximately USD450 million of term loan borrowings expected to be available under the Issuers’ new senior secured credit facility and available cash, will be used to repay all outstanding indebtedness under the Issuers’ 8.750% Senior Notes due 2019. The consummation of the notes offering is subject to market and other conditions.
As MRC reported earlier, Trinseo and its affiliate companies in Europe has increased April contract and spot prices for all polystyrene (PS) and copolymer grades, as follows:
- STYRON general purpose polystyrene grades (GPPS), STYRON and STYRON A-TECH high impact polystyrene grades (HIPS) - by EUR320/tonne;
- MAGNUM ABS and TYRIL SAN resins - by EUR230/tonne.
Trinseo is a leading global materials company and manufacturer of plastics, latex and rubber, dedicated to collaborating with customers to deliver innovative and sustainable solutions. Trinseo’s technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Trinseo had approximately USD5.1 billion in net sales in 2014, with 19 production sites around the world, and approximately 2,100 employees. Formerly known as Styron, Trinseo completed its renaming process in the first quarter of 2015.