Simpson Thacher Represents TPC Group Inc. in $655 Million Senior Secured Notes Offering, Related Tender Offer and Consent Solicitation and New Asset-Backed Revolving Credit Facility
01.07.13
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Simpson Thacher represented TPC Group Inc. (“TPC”) in connection with its Rule 144A and Regulation S offering of $655 million aggregate principal amount of 8.75% Senior Secured Notes due 2020. The offering was conducted in connection with the acquisition of TPC by affiliates of First Reserve Management, L.P. and SK Capital Partners, which were represented by the Firm. In connection with the acquisition, TPC also entered into a new $250 million asset-backed revolving credit facility
TPC used the net proceeds from this offering to finance in part the acquisition of TPC by the Sponsors, the repayment of its existing debt, including the funding of the cash tender offer and consent solicitation by TPC Group LLC, a wholly-owned subsidiary of TPC, for all of its outstanding $350 million 8.25% Senior Secured Notes due 2017, the payment of fees and expenses in connection with the transactions and for certain strategic capital projects.
TPC is a leading producer of value-added products derived from niche petrochemical raw materials such as C4 hydrocarbons. Its products are sold to producers of a wide range of performance, specialty and intermediate products, including synthetic rubber, fuels, lubricant additives, plastics and surfactants.
The Simpson Thacher team included Ed Tolley, John Lobrano, David Azarkh and Taissa Macaferri Licatti (Capital Markets); Alden Millard, Daniel Kay, John B. Freese and Leah Shen (Credit); John Creed and Seojung Park (Tax); Mindy Lok (IP); Aimee Adler and Jennifer McGroarty (Executive Compensation and Employee Benefits); and Krista McManus (Real Estate).