HOUSTON, July 19, 2019 (GLOBE NEWSWIRE) -- TPC Group Inc. announced today that it priced $930,000,000 aggregate principal amount of its 10.50% Senior Secured Notes due 2024 (the “Notes”) in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Notes will be guaranteed on a senior secured basis by all of TPC Group Inc.’s existing or future direct and indirect domestic subsidiaries, other than certain excluded subsidiaries. The net proceeds from this offering will be used to (i) pay off the $50 million outstanding under TPC Group Inc.’s senior secured term loan facility with Riverstone Credit Partners, L.P. (the “Riverstone Facility”); (ii) redeem all of TPC Group Inc.’s outstanding 8.75% Senior Secured Notes due 2020 (the “Existing Notes”); (iii) repay a portion of borrowings outstanding under TPC Group Inc.’s senior secured asset-based revolving credit facility (the “Revolving Credit Facility”); and (iv) pay fees and expenses in connection with the transactions. In connection with the offering, TPC Group Inc. has issued a notice of redemption for its Existing Notes. All commitments under the Riverstone Facility will be terminated following repayment of that facility.

About TPC Group

TPC Group Inc., 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 75 years, TPC Group has manufacturing facilities in the industrial corridor adjacent to the Houston Ship Channel and Port Neches, Texas, and operates a product terminal in Lake Charles, Louisiana.