By Paul A. Harris
Portland, Ore., March 17 – Trinseo Materials priced a $450 million issue of eight-year senior notes (B2/B) at par to yield 5 1/8% on Wednesday, according to market sources.
The yield printed in the middle of yield talk in the 5 1/8% area. Initial guidance was in the low-to-mid 5% area.
Deutsche Bank Securities Inc. was the lead.
The Berwyn, Pa.-based plastic producer is bringing the private, non-registered notes offering in connection with its acquisition of Arkema SA’s polymethyl methacrylates and activated methyl methacrylates business.
| Issuer: | Trinseo Materials
|
| Amount: | $450 million
|
| Maturity: | April 1, 2029
|
| Securities: | Senior notes
|
| Lead: | Deutsche Bank Securities Inc.
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 366 bps
|
| Call protection: | Three years
|
| Trade date: | March 17
|
| Settlement date: | March 24
|
| Ratings: | Moody's: B2
|
| S&P: B-
|
| Distribution: | Rule 144A
|
| Price talk: | 5 1/8% area
|
| Marketing: | Roadshow
|
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