Trinseo PLC Enters Material Definitive Agreement

Ticker: TSEOF · Form: 8-K · Filed: Apr 2, 2024 · CIK: 1519061

Trinseo PLC 8-K Filing Summary
FieldDetail
CompanyTrinseo PLC (TSEOF)
Form Type8-K
Filed DateApr 2, 2024
Risk Levelmedium
Pages3
Reading Time4 min
Key Dollar Amounts$0.01, $250,000,000, $150.0 million
Sentimentneutral

Sentiment: neutral

Topics: material-agreement, financial-obligation

Related Tickers: TSE

TL;DR

Trinseo just signed a big new deal, expect financial moves.

AI Summary

On March 28, 2024, Trinseo PLC entered into a material definitive agreement related to a direct financial obligation. The filing does not specify the exact nature of the agreement or any associated dollar amounts, but it indicates a significant financial commitment or arrangement for the company.

Why It Matters

This filing signals a new financial commitment or obligation for Trinseo PLC, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or strategic shifts that carry inherent risks.

Key Players & Entities

  • Trinseo PLC (company) — Registrant
  • March 28, 2024 (date) — Date of earliest event reported

FAQ

What is the specific nature of the material definitive agreement entered into by Trinseo PLC?

The filing states that Trinseo PLC entered into a material definitive agreement on March 28, 2024, but does not specify the details of the agreement.

Does this agreement create a direct financial obligation for Trinseo PLC?

Yes, the filing indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant.

Are there any specific dollar amounts mentioned in relation to this agreement?

No, the provided text of the filing does not mention any specific dollar amounts associated with the material definitive agreement.

What is the earliest event date reported in this 8-K filing?

The earliest event reported in this 8-K filing is March 28, 2024.

What is the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing is to report the entry into a material definitive agreement and the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement.

Filing Stats: 985 words · 4 min read · ~3 pages · Grade level 12.2 · Accepted 2024-04-02 16:26:41

Key Financial Figures

  • $0.01 — registered Ordinary Shares, par value $0.01 per share TSE New York Stock Exchan
  • $250,000,000 — and (iii) failure to maintain at least $250,000,000 of Liquidity (as defined in the Framewo
  • $150.0 million — curitization borrowing limit remains at $150.0 million. The foregoing description of the mat

Filing Documents

01 Entry Into a Material Definitive Agreement

ITEM 1.01 Entry Into a Material Definitive Agreement. Accounts Receivable Securitization On March 28, 2024, Trinseo Ireland Global IHB Limited, an indirect wholly owned subsidiary of Trinseo PLC (the "Company") entered into an Deed of Amendment, Restatement and Accession with Styron Receivables Funding Designated Activity Company, Regency Assets Designated Activity Company, HSBC Bank plc, TMF Administration Services Limited and The Law Debenture Trust Corporation P.L.C. and other indirect wholly owned subsidiaries of the Company named therein (the "Deed of Amendment"). The Deed of Amendment amends and restates the terms of the Amended & Restated Master Definitions and Framework Deed, originally dated as of August 12, 2010 (as amended or amended and restated, the "Framework Deed") as well as other ancillary agreements which provide a facility for the securitization of trade receivables (the "Securitization") originated by certain of the Company's Swiss, German, Dutch and U.S. subsidiaries (the "Sellers"). The Securitization is funded through the sale of commercial paper by a special purpose finance entity, the proceeds of which fund the purchase of trade receivables from the Sellers. Collection accounts related to the trade receivables are pledged to the special purpose entity, which holds a first priority perfected security interest in such accounts and are not available to the creditors of the Company or its other subsidiaries. Pursuant to the Deed of Amendment, the Securitization was amended to (i) increase the number of Sellers to include two additional U.S. subsidiaries of the Company, (ii) extend the final maturity of the Securitization for one (1) year to November 18, 2025, and (iii) permit the Company to terminate the Securitization upon thirty days' notice. The Framework Agreement contains certain standard representations, warranties and covenants, as well as standard termination or perfection events including those relating to (i) insolvency of the Co

03 Creation of a Direct Financial Obligation

ITEM 2.03 Creation of a Direct Financial Obligation The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.

01 Exhibits

ITEM 9.01 Exhibits . 99.1 Deed of Amendment, Restatement and Accession, dated March 28, 2024, entered into by and among Trinseo Europe GmbH, Trinseo Export GmbH, Trinseo Deutschland Anlagengesellschaft mbH, Trinseo Netherlands B.V., Altuglas LLC, Aristech Surfaces, LLC, Trinseo LLC, Trinseo U.S. Receivables Company SPV LLC, Styron Receivables Funding Designated Activity Company, Regency Assets Designated Activity Company, HSBC Bank plc, Trinseo Holding S. r.l., TMF Administration Services Limited and the Law Debenture Trust Corporation plc. * 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) * Certain portions of this exhibit were redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The omitted information is (i) not material and (ii) would likely cause us competitive harm if publicly disclosed. We agree to furnish supplementally an unredacted copy of the exhibit to the Securities and Exchange Commission on its request; provided, however that the Company may request confidential treatment of this exhibit pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TRINSEO PLC By: /s/ Angelo Chaclas Name: Angelo Chaclas Title: Senior Vice President and Chief Legal Officer Date: April 2, 2024

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