TPC Group Inc. Announces Partial Redemption of its 13% Senior Secured Notes Due 2027
HOUSTON (March 25, 2024) – TPC Group Inc. (TPC) announced today that it will redeem $50 million of its $350 million 13% Senior Secured Notes due December 16, 2027 on March 28, 2024. The redemption price of the notes is 101% of par value, or $50.5 million. In addition to the redemption price, TPC will pay accrued interest to holders of the redeemed notes in the amount of $2,112,500.00.
“TPC’s strong 2023 performance, which we see improving in 2024 and beyond, affords us the ability to pursue value-adding transactions for the Company and its stakeholders,” said TPC Group President and CEO Ed Dineen. “The redemption of the notes will reduce our interest expense going forward by $6.5 million annually. Importantly, our liquidity after this $52.6 million redemption and the $70.3 million share repurchase, which we completed last November, will continue to be comfortably above our minimum target.”
About TPC Group
TPC Group, headquartered in Houston, 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. The Company sells its products into a wide range of performance, specialty and intermediate markets, including synthetic rubber, fuels, lubricant additives, plastics and surfactants. With an operating history of 80 years, TPC Group has a manufacturing facility in the industrial corridor adjacent to the Houston Ship Channel and operates product terminals in Port Neches, Texas and Lake Charles, Louisiana.