Loan & DebtJun 1, 2026, 04:23 PM
Trinseo Secures $270M Senior Secured Super-Priority DIP Credit Facility
AI Summary
Trinseo PLC's subsidiaries, Trinseo Luxco S.à r.l., Trinseo Holding S.à r.l., and Trinseo Materials Finance, Inc., entered into a Senior Secured Super-Priority Debtor-In-Possession Credit Agreement for $270.0 million on May 28, 2026. This OpCo DIP Facility includes $90.0 million in new money term loan commitments, with $60.0 million drawn, and a $180.0 million roll-up facility for prepetition obligations. The company also entered into a separate HoldCo DIP Credit Agreement. These facilities are crucial for liquidity during the ongoing Chapter 11 Cases.
Key Highlights
- Trinseo subsidiaries secured a $270.0 million OpCo DIP Credit Agreement on May 28, 2026.
- The facility includes $90.0 million in new money term loan commitments, with $60.0 million drawn.
- A roll-up facility allows up to $180.0 million of prepetition revolving loan obligations.
- New money term loans bear interest at SOFR (3.00% floor) plus 9.00%.
- Roll-up term loans (rev) bear interest at SOFR (0.00% floor) plus 2.25%.
- The OpCo DIP Facility matures on May 28, 2027, or upon certain earlier events.
- A minimum liquidity covenant of $100.0 million is required, tested weekly.
- Trinseo also entered into a Senior Secured Super-Priority HoldCo Credit Agreement.
Price Impact
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