The Firm represented TPC Group Inc. (“TPC”) in connection with its offering of $930 million aggregate principal amount of 10.5% Senior Secured Notes due 2024 (the “Notes”) in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended. The Firm also advised TPC in connection with the refinancing of its senior secured asset-based loan facility. The net proceeds from the offering of the Notes were used to refinance TPC’s existing outstanding secured notes, repay its existing term loans and repay a portion of borrowings outstanding under TPC’s existing senior secured asset-based revolving credit facility. The Firm previously represented First Reserve Corporation and SK Capital Partners in connection with TPC’s LBO in 2012.
TPC is a leading producer of value-added products derived from petrochemical raw materials such as C4 hydrocarbons, and provider of critical infrastructure and logistics services along the Gulf Coast. TPC sells its products into a wide range of performance, specialty and intermediate markets, including synthetic rubber, fuels, lubricant additives, plastics and surfactants.
The Simpson Thacher team included Dave Azarkh, Matt Hart, Brian Mathes and Dorothy Hector (Capital Markets); Dan Kay, Robyn Cho and Teresita Acedo (Credit); Jonathan Cantor and Jasmine Hay (Tax); Melanie Jolson (IP); Krista McManus and Dennis Loiacono (Real Estate); Andrew Blau and Ashlie Lawton (ECEB); Timothy Mulvihill (Environmental); Mark Skerry and Joseph Betteley (Regulatory); and Soogy Lee and Jon Pall (Collateral).