WAYNE, PA, and NEW YORK—Trinseo PLC (NYSE: TSE) has announced a new $150 million non-recourse financing facility through Styron Receivables Funding Designated Activity Company. The deal, made with credit funds and accounts managed by KKR, aims to enhance Trinseo’s financial flexibility.
The new facility, collateralized by trade receivables from Trinseo and its subsidiaries, replaces an existing financing arrangement of the same amount. The previous facility was set to mature in November 2025, while the new one extends the maturity to December 2027, offering more than two additional years of financial leeway.
“We are thrilled to have the support of a leading capital provider like KKR,” said Frank Bozich, President and CEO of Trinseo. “While this facility replaces a previous one of the same size, it has no minimum liquidity covenants and extends the maturity by more than two years, to December 2027. This provides us with additional financial flexibility for the next several years as we continue to transform our portfolio.”
KKR, a prominent global investment firm, sees this agreement as a strategic move to bolster Trinseo’s growth. “We are pleased to use our deep experience in global receivables financing to provide Trinseo with capital to support its continued growth and ability to supply critical materials to a variety of essential markets globally,” said Giacomo Picco, a Managing Director at KKR.
This arrangement is part of Trinseo’s ongoing efforts to refine its portfolio and strengthen its market position, ensuring the company has the financial resources needed to navigate future challenges and opportunities.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.