TPC Group to partially redeem 13% secured notes due 2027 at 101

By William Gullotti

Buffalo, N.Y., March 25 – TPC Group Inc. will redeem $50 million of its $350 million 13% senior secured notes due Dec. 16, 2027 on March 28, according to a press release on Monday.

TPC will redeem the notes at 101 for a total consideration of $50.5 million, plus accrued and unpaid interest totaling $2,112,500.

“The redemption of the notes will reduce our interest expense going forward by $6.5 million annually. Importantly, our liquidity after this $52.6 million redemption and the $70.3 million share repurchase, which we completed last November, will continue to be comfortably above our minimum target,” added Ed Dineen, TPC’s president and chief executive officer.

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

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