Trinseo downgraded to Selective Default after interest payment misses [Yahoo! Finance]
Trinseo PLC Ordinary Shares (TSE)
Last trinseo plc ordinary shares earnings: 2/6 04:15 pm
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Source: Yahoo! Finance
S&P Global Ratings on March 3 downgraded Trinseo Plc to Selective Default (SD), from CCC and a negative outlook, after the company missed interest payments on its term loan B due 2028 and on its 7.625% senior secured second-lien notes due 2029. The company's secured debt was also downgraded, to D, from CC. The term loan is a constituent of the Morningstar LSTA US Leveraged Loan Index. S&P said that extending the term loan's initial five-day grace period to March 19 — the interest payment was due Feb. 27 — was considered “a distressed exchange.” The agency added that it believes the notes' interest — roughly $10 million was originally due Feb. 17 — will not be paid during its 30-day grace period and at that point would be a “selective default by the company.” S&P noted that the company is in the midst of discussions with stakeholders to restructure its balance sheet. In fact, Trinseo said previously that it had the cash to pay the second-lien note interest but chose not to becau
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- Trinseo (NYSE:TSE) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating.MarketBeat
- Trinseo (NYSE:TSE) was downgraded by analysts at Zacks Research from a "hold" rating to a "strong sell" rating.MarketBeat
- Trinseo Announces Receipt of Notice of Non-Compliance With NYSE Continued Listing RequirementsBusiness Wire
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