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Trading levels

Trinseo PLC — 2025 Credit Agreement

Secondary-market bid/ask, 12-month history, and desk commentary for every tranche. Where pricing isn't observable, fair-value model output is shown with a "(model)" tag.

As of2026-04-25Vendor pricing composite (mock)

Desk readout

Senior unsecured at 71¢ and subordinated at 52¢ are the active signal — secondary is pricing in priming/LME risk that is not yet expressed in the secured tier. A drop-down at this point is consistent with where the curve sits.

  • Senior unsecured down 14¢ over 12 months

    From 85¢ to 71¢. Steepest decline of the capital structure.

  • Sub down 26¢ over 12 months

    Largest absolute move; thin volume amplifies prints.

  • TLB began softening Q3'25

    94.2¢ → 87.8¢. Coincides with first 10-Q showing soft demand.

Traded tranches¢ on the dollar · YTM annualized

TrancheBidAskΔ dayYTM12-moCommentary

Term Loan B

1L · cov-lite · senior secured

$1,100MSOFR + 3252030

87.088.5-0.2511.2%

97.5 → 87.8

Steady decline since Q3'25; market pricing modest LME risk. Last 30 days saw $42M in volume. Ad-hoc group accumulating below 90.

Senior Secured Notes

1L · 6.50% · 2029

$478M6.50%2029

96.096.8-0.107.8%

99.2 → 96.4

Trading near par; secured paper less affected by the LME chatter. Limited volume, mostly insurance / pension hands.

Senior Unsecured Notes

Unsecured · 7.625% · 2031

$830M7.625%2031

71.073.0-0.5014.2%

85.0 → 72.0

Unsecured tier is the principal indicator — at 71c the market is pricing in priming risk. Ad hoc group has not formed; if drop-down lands, secondary will move materially.

Subordinated Notes

Sub · 9.00% · 2032

$125M9.00%2032

52.055.0-1.0018.5%

78.0 → 53.5

Sub paper is the most sensitive — at 52c the market is pricing the sub to recover well below par in stress. Thin volume; bid-ask is wide.

Non-traded facilities

  • Revolving Credit Facility

    Bank facility — not actively traded. Listed for completeness; would be drawn under near-term stress.

    $375M · SOFR + 275

Where to go next

Scenario modeler

How this curve translates into pre/post P&L on a specific position.

Term sheet review

What transaction the borrower is proposing — and why the curve looks the way it does.

Dossier

Covenant scorecard for the underlying agreement.

Phase 2 mockup · stylized prices · vendor API + fair-value fallback land in Phase 3+