...February 8, 2021 NEW YORK (S&P Global Ratings) Feb. 8, 2021--S&P Global Ratings today assigned its 'B-' issue-level and '1' recovery ratings to TPC Group Inc.'s ('###/Negative') new 10.875% senior secured notes due 2024. At the same time, we lowered our issue-level rating on the company's existing senior secured notes to '###-' from '###' and revised the recovery rating to '5' from '4'. The proceeds from the note issuance were used to repay the delayed-draw term loan that was coming due in August 2021 and for general corporate purposes. The new notes have priority over the company's existing notes, and thus the issue-level rating on the new notes is two notches above the '###' issuer-credit rating on TPC. Given the priority of the new notes, the issue-level rating on the company's existing note is now one notch below the issuer credit rating. The new notes issuance improves TPC's liquidity; however we still expect cash flows to be constrained into 2021. As a result of the new note issuance,...
