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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Angelo Gordon, Oaktree, Apollo Complete $1.077B Term Loan Refinance for Trinseo
Monday, September 11, 2023
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Lenders/Participants
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Angelo Gordon [Lender]
Oaktree Capital Management L.P. [Lender]
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Structure
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Term Loan Refinance
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Amount
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$1.077
Billion
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Borrower(s)
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Trinseo
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Description
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$1.077 billion in aggregate principal amount of secured term loan financing arranged by Angelo, Gordon & Co., L.P. and Oaktree Capital Management, with funds managed by Angelo Gordon, Oaktree and Apollo Global Management as lenders. Proceeds will be used to refinance the entirety of the Company’s outstanding 2024 term loan and $385 million of its existing $500 million 2025 Senior Notes. Key Terms of the New Term Loan Facility include:$1.077 billion of aggregate new principal amount for net cash proceeds of $1.045 billion; Annual cash interest rate of SOFR + 8.50%; Option to elect partial payment-in-kind (“PIK”) interest for up to 24 months at an annual cash interest rate of SOFR + 4.25% and a PIK interest rate of 5.25%; Call protections of a customary make-whole from months 0 to 18; 3.0% from months 18 to 30; 2.0% from months 30 to 42; par thereafter; Final maturity date of May 3, 2028
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Industry
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Specialty Industries
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| Related Tags |
Angelo Gordon, Apollo Global Management, Oaktree Capital Management
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ABL Advisor
Deal Tables
2025
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