Trinseo Of Berwyn Files Initial Public Offering To Raise $200 Million
Reuters is reporting Berwyn-based Trinseo SA, a global plastics maker backed by Bain Capital, has filed with U.S. regulators to raise up to $200 million in an initial public offering of common stock.
Trinseo, formerly Styron Corp., withdrew its IPO plans last June after filing to go public in June 2011. Trinseo told the U.S Securities and Exchange Commission in a preliminary prospectus that Goldman Sachs, Deutsche Bank Securities, Citigroup and Morgan Stanley were among the lead underwriters for the IPO.
Bain Capital, based in Boston and managing $70 billion in assets, purchased Styron from Dow Chemical Co. for $1.63 billion in 2010. Bain Capital was founded by former presidential candidate Mitt Romney.
The filing did not reveal how many shares the company planned to sell or their expected price. Trinseo intends to list its common stock under the symbol “TSE” but did not specify the exchange it wants to list on.
Net proceeds from the offering would be used to repay debt and for working capital and general corporate purposes, Reuters reported. The company swung to a net loss of $22.2 million at the end of 2013, from a profit of $30.3 million in 2012. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
Trinseo focuses on plastics, latex, synthetic rubber and technology licensing. It bills itself as a global materials company at the intersection of people, technology and customers – built on seven decades of technological leadership.
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