TPC Group sets roadshow for $930 million five-year secured notes, investor call Monday

By Paul A. Harris

Portland, Ore., July 12 – TPC Group Inc. plans to roll out a $930 million offering of five-year senior secured notes (expected ratings B2/B/B-) on an investor conference call scheduled to get underway at 12:30 p.m. ET on Monday, according to a syndicate source.

The Rule 144A for life deal is set to roadshow through the July 15 week.

BofA Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC are the joint bookrunners.

The notes become callable after two years at par plus 50% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The notes also feature a two-year 35% equity clawback and a 101% poison put.

The Houston-based supplier of petrochemical products plans to use the proceeds to repay its 8¾% senior secured notes due 2020, as well as to repay the Riverstone Capital Partners, L.P. term loan and asset-based loan.

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