Paul Hastings Advises Lenders in Restructuring of Trinseo’s $3 Billion of Funded Debt

Paul Hastings LLP is representing an ad hoc group of senior secured creditors — Oaktree Capital Management, TPG Angelo Gordon and Apollo Global Management — in connection with the restructuring of Trinseo, the publicly traded Irish global specialty material provider and manufacturer of plastics, latex binders and synthetic rubber. Trinseo has entered into a restructuring support agreement expected to reduce approximately $2 billion of its $3 billion of funded debt through a prepackaged Chapter 11 process. The RSA also envisions a parallel Irish process, likely an examinership, to effectuate the restructuring, while a new Delaware parent company is set to be established to replace the current Irish structure.

Paul Hastings previously represented Oaktree and TPG Angelo Gordon in a series of innovative financing transactions involving Trinseo, including a $1.077 billion financing in 2023 that inspired the creation of the term “pari plus” and a 2025 refinancing that unlocked $187.5 million of additional revolver capacity, provided $115 million of incremental financing to refinance a near-term maturity, and facilitated the discounted exchange of up to $447 million of unsecured notes for new second-lien debt at 85% of par.

Corporate Department and Financial Restructuring group co-chair Kris Hansen and Financial Restructuring partners Chris Guhin, Allison Miller, Alex Cota and Dan Fliman lead the Paul Hastings team, which also includes Financial Restructuring partners Sal Perrotto, Charles Persons and Helena Potts (London); Tax partner Gary Silber; Antitrust partner Sally Evans (London); Financial Restructuring counsel Matt Garofolo, Jason Pierce, Ryan Montefusco and Thomas Shiah; Litigation counsel Catherine Kordestani; Global Finance associate Tina Davis; and Financial Restructuring associates Jack Iaffaldano, Vinny Kappel, Rasha El Mouatassim Bih, Schlea Masanz, Kendall Russ, Amrit Khosa (London), Ilyas Knani (London), Tori Simon and Kirsten Grohs; and law clerk Gigi Wade.

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