TPC Group to pay down term loan, repay part of revolver via new notes

By Sarah Lizee

Olympia, Wash., July 12 – TPC Group Inc. plans to pay off and terminate its $50 million senior secured term loan facility with Riverstone Credit Partners, LP and repay a portion of borrowings outstanding under its senior secured asset-based revolving credit facility with proceeds from new notes, according to a press release.

The company announced Friday that it intends to offer $930 million of senior secured notes due 2024 (expected ratings B2/B/B-).

Proceeds from the offering will also be used to redeem the company’s outstanding 8¾% senior secured notes due 2020.

TPC Group is a Houston-based processor and service provider of value-added products derived from niche petrochemical raw materials.

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