11:01 AM EST, 12/10/2024 (MT Newswires) -- Trinseo ( TSE ) said Tuesday that the company and some of its subsidiaries have entered into a transaction support agreement with holders and lenders of its senior notes and term loans.

Key transactions under the agreement include refinancing the $115 million 2025 senior notes by issuing $115 million in 2028 refinance term loans, securing a new $300 million revolving credit facility to replace the existing one due to mature in May 2026, exchanging at least $330 million of 2029 senior notes for new 2029 second lien senior secured notes at a discount, capturing at least $49 million in savings, the company said.

The company added that once these transactions are completed, it will have no debt maturing until 2028.

Under the transaction support agreement, Trinseo ( TSE ) plans to launch an exchange offer for its 5.125% senior notes due 2029. Holders will receive new 7.625% second lien senior secured notes due 2029 at a discounted par value.

The transactions, including the exchange offer, are expected to close in January 2025, according to the company.

Shares of Trinseo ( TSE ) rose past 28% in recent trading.

Price: 5.72, Change: +1.26, Percent Change: +28.25