Trinseo Announces Expiration and Final Result of the Exchange Offer and Consent Solicitation
As of the expiration of the Exchange Offer at 5:00 pm,
The settlement of the Exchange Offer and Consent Solicitation (as defined herein) is expected to occur on January 17, 2025 (the “Settlement Date”), upon which the New Issuers will issue approximately
In connection with the Exchange Offer, the Existing Issuers also solicited consents with respect to the Existing Notes (the “Consent Solicitation”) from eligible holders of the Existing Notes to adopt certain proposed amendments to the indenture governing the Existing Notes (the “Existing Notes Indenture”), to, among other things, eliminate or waive substantially all of the restrictive covenants, eliminate certain events of default, release the existing subsidiary guarantees of the Existing Notes and modify and eliminate certain other provisions, including the covenant regarding future guarantors in the Existing Notes Indenture (the “Proposed Amendments”). The Company received the requisite consents from the holders of the Existing Notes to adopt the proposed amendments to the Existing Notes Indenture, and the Existing Issuers have will enter a supplemental indenture with the trustee under the Existing Notes Indenture to reflect the proposed amendments, which will become operative upon the Settlement Date. For additional details on the Exchange Offer and the Consent Solicitation, please refer to the Company’s press release issued on December 16, 2024.
The Company also expects to consummate certain additional transactions contemplated by the previously announced transaction support agreement on the Settlement Date.
This press release is for information purposes only and is not an offer to purchase or sell, a solicitation of an offer to purchase or sell or a solicitation of consents with respect to, any securities.
The New Notes and the Existing Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in
Ropes & Gray LLP served as legal counsel, Centerview Partners LLC served as investment banker, and FTI Consulting served as financial advisor to Trinseo. Goldman Sachs served as dealer manager and solicitation agent.
About Trinseo
Trinseo (NYSE: TSE), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart and sustainably focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers.
From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers’ unique challenges in a wide range of industries, including building and construction, consumer goods, medical and mobility.
Trinseo’s employees bring endless creativity to reimagining the possibilities with clients all over the world from the company’s locations in
Cautionary Note on Forward-Looking Statements
This press release contains certain forward-looking statements, which are not statements of historical facts or guarantees or assurances of future performance. Forward-looking statements may be identified by the use of words like “expect,” “anticipate,” “believe,” “intend,” “forecast,” “estimate,” “see,” “outlook,” “will,” “may,” “might,” “tend,” “assume,” “potential,” “likely,” “target,” “plan,” “contemplate,” “seek,” “attempt,” “should,” “could,” “would” or expressions of similar meaning. Examples of forward-looking statements include, without limitation, statements concerning the expected timing of the closing of the transactions contemplated by the transaction support agreement and related transactions and other statements which are not statements of historical facts. Forward-looking statements reflect management’s evaluation of information currently available and are based on the Company’s current expectations and assumptions regarding its business, the economy, its current indebtedness, accessibility of debt markets, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Specific factors that may cause future results to differ from those expressed by the forward-looking statements, or otherwise impact performance or other predictions of future actions have, in many but not all cases, been identified in connection with specific forward-looking statements. Factors that might cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, the Company’s ability to achieve the anticipated benefits from the transactions contemplated by the Exchange Offer and Consent Solicitation; other risks related to the completion of the transactions contemplated by the Exchange Offer and Consent Solicitation and actions related thereto; our ability to successfully implement proposed restructuring initiatives, including the closure of certain plants and product lines, and to successfully generate cost savings through restructuring and cost reduction initiatives; and those discussed in our Annual Report on Form 10-K filed with the SEC on February 23, 2024, under Part I, Item 1A – Risk Factors, our Quarterly Report on Form 10-Q filed with the SEC on November 7, 2024, and elsewhere in our other reports and filings made with the
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Trinseo Contact: Bee van Kessel
Tel : +41 44 718 3685
Email: bvankessel@trinseo.com
Source: Trinseo PLC