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TPC Group issuing $655 million in bonds

2:48 PM MST | December 4, 2012 | Vincent Valk

TPC Group is issuing $655 million in senior secured bonds in a private placement, in connection with its $850-million buyout by private equity firms First Reserve (Houston) and SK Capital (New York). Proceeds from the bond issue will be used partly to fund the offering, partly to pay down debt, and partly to fund capital expansion projects.   The maturity date and interest rate of the new bonds has not been determined. Yesterday, Innospec, along with private equity firm Blackstone Capital Partners (New York), dropped its rival bid for TPC, clearing the way...

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