Goldman, Sachs & Co.d1lge852tjjqow.cloudfront.net/CIK-0001519061/4401b... · production operations...
60
Use these links to rapidly review the document Table of Contents TABLE OF CONTENTS Table of Contents Filed Pursuant to Rule 424(b)(7) File No. 333-210226 The information in this preliminary prospectus supplement is not complete and may be changed. A registration statement relating to the securities has become effective under the Securities Act of 1933, as amended. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities, and we are not soliciting an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted. Subject to completion, dated March 21, 2016 Prospectus Supplement to Prospectus dated March 15, 2016 TRINSEO S.A. 9,600,000 Ordinary Shares The selling shareholder named in this prospectus supplement is offering 9,600,000 of our ordinary shares. We will not receive any proceeds from the sale of our ordinary shares by the selling shareholder. Our ordinary shares are listed on the New York Stock Exchange under the symbol "TSE." On March 18, 2016, the last sale price of our ordinary shares as reported on the New York Stock Exchange was $37.86 per ordinary share. Investing in our ordinary shares involves substantial risk. Please read "Risk Factors" beginning on page S-10 of this prospectus supplement and on page 3 of the accompanying base prospectus. Concurrently with and subject to the completion of this offering, we have agreed to purchase from the underwriter 1,600,000 ordinary shares that are subject to this offering at a price per share equal to the price per share paid by the underwriter to the selling shareholders in this offering. Because a repurchase transaction is completed as part of this offering, in order to satisfy certain requirements of Luxembourg law, promptly following the completion of this offering, we intend to commence a tender offer to offer to purchase up to an additional 1,075,000 shares from our shareholders (other than the selling shareholder in this offering) at the same price per share that we paid to the underwriter for the shares repurchased as part of this offering. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense. Per share Total Public offering price(1) $ $ Underwriting discounts and commissions(2) $ $ Proceeds to selling shareholder, before expenses $ $ (1) The 1,600,000 ordinary shares we repurchase from the underwriter will be purchased at a price per share equal to the price per share to be paid by the underwriter to the selling shareholder. (2) See "Underwriting" for a description of compensation payable to the underwriter by the selling shareholder. The underwriter will not receive any discount or commission on the 1,600,000 ordinary shares we repurchase from the underwriter. The underwriter expects to deliver the shares against payment in New York, New York on or about , 2016. Goldman, Sachs & Co.
Transcript of Goldman, Sachs & Co.d1lge852tjjqow.cloudfront.net/CIK-0001519061/4401b... · production operations...
UsetheselinkstorapidlyreviewthedocumentTableofContentsTABLEOFCONTENTS
TableofContents
FiledPursuanttoRule424(b)(7)FileNo.333-210226
The information in this preliminary prospectus supplement is not complete and may be changed. A registration statement relating to the securities hasbecome effective under the Securities Act of 1933, as amended. This preliminary prospectus supplement and the accompanying prospectus are not anoffer to sell these securities, and we are not soliciting an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted.
Subject to completion, dated March 21, 2016
Prospectus Supplement to Prospectus dated March 15, 2016
TRINSEO S.A.9,600,000 Ordinary Shares
Thesellingshareholdernamedinthisprospectussupplementisoffering9,600,000ofourordinaryshares.Wewillnotreceiveanyproceedsfromthesaleofourordinarysharesbythesellingshareholder.
OurordinarysharesarelistedontheNewYorkStockExchangeunderthesymbol"TSE."OnMarch18,2016,thelastsalepriceofourordinarysharesasreportedontheNewYorkStockExchangewas$37.86perordinaryshare.
Investing in our ordinary shares involves substantial risk. Please read "Risk Factors" beginning on page S-10 of thisprospectus supplement and on page 3 of the accompanying base prospectus.
Concurrentlywithandsubjecttothecompletionofthisoffering,wehaveagreedtopurchasefromtheunderwriter1,600,000ordinarysharesthataresubjecttothisofferingatapricepershareequaltothepricepersharepaidbytheunderwritertothesellingshareholdersinthisoffering.Becausearepurchasetransactioniscompletedaspartofthisoffering,inordertosatisfycertainrequirementsofLuxembourglaw,promptlyfollowingthecompletionofthisoffering,weintendtocommenceatenderoffertooffertopurchaseuptoanadditional1,075,000sharesfromourshareholders(otherthanthesellingshareholderinthisoffering)atthesamepricepersharethatwepaidtotheunderwriterforthesharesrepurchasedaspartofthisoffering.
NeithertheSecuritiesandExchangeCommissionnoranyotherregulatorybodyhasapprovedordisapprovedofthesesecuritiesorpassedupontheaccuracyoradequacyofthisprospectussupplementortheaccompanyingprospectus.Anyrepresentationtothecontraryisacriminaloffense.
Per share Total
Publicofferingprice(1) $ $
Underwritingdiscountsandcommissions(2) $ $
Proceedstosellingshareholder,beforeexpenses $ $
(1) The1,600,000ordinaryshareswerepurchasefromtheunderwriterwillbepurchasedatapricepershareequaltothepricepersharetobepaidbytheunderwritertothesellingshareholder.
(2) See"Underwriting"foradescriptionofcompensationpayabletotheunderwriterbythesellingshareholder.Theunderwriterwillnotreceiveanydiscountorcommissiononthe1,600,000ordinaryshareswerepurchasefromtheunderwriter.
TheunderwriterexpectstodeliverthesharesagainstpaymentinNewYork,NewYorkonorabout,2016.
Goldman, Sachs & Co.
Thedateofthisprospectussupplementis,2016
TableofContents
Table of Contents
Prospectus
Wehavenotauthorizedanyonetoprovideanyinformationortomakeanyrepresentationsotherthanthosecontainedinorincorporatedbyreferenceintothisprospectussupplement,theaccompanyingprospectusorinanyfreewritingprospectuseswehaveprepared.Wetakenoresponsibilityfor,andcanprovidenoassuranceastothereliabilityof,anyotherinformationthatothersmaygiveyou.Thisprospectussupplementandtheaccompanyingprospectusareanoffertosellonlythesharesofferedhereby,butonlyundercircumstancesandinjurisdictionswhereitislawfultodoso.Theinformationcontainedinthisprospectussupplementandtheaccompanyingprospectusiscurrentonlyasofthedateoftheapplicabledocument.
S-i
ABOUTTHISPROSPECTUSSUPPLEMENT S-iiNON-GAAPFINANCIALMEASURES S-iiPROSPECTUSSUPPLEMENTSUMMARY S-1RISKFACTORS S-10CAUTIONARYNOTEREGARDINGFORWARD-LOOKINGSTATEMENTS S-12USEOFPROCEEDS S-14MARKETPRICEOFOURORDINARYSHARES S-15DIVIDENDPOLICY S-16DESCRIPTIONOFSHARECAPITAL S-17MATERIALUNITEDSTATESFEDERALINCOMEANDLUXEMBOURGTAXCONSIDERATIONS S-26SELLINGSHAREHOLDER S-36UNDERWRITING S-37LEGALMATTERS S-42EXPERTS S-42WHEREYOUCANFINDMOREINFORMATION S-43INCORPORATIONOFCERTAININFORMATIONBYREFERENCE S-43
AboutThisProspectus 1AboutTrinseoS.A. 2RiskFactors 3CautionaryNoteRegardingForward-LookingStatements 4UseofProceeds 6SellingShareholder 6PlanofDistribution 7LegalMatters 9Experts 9WhereYouCanFindMoreInformation 9IncorporationofCertainInformationbyReference 9
TableofContents
ABOUT THIS PROSPECTUS SUPPLEMENT
Unlessotherwiseindicatedorthecontextotherwiserequires,theterms"Trinseo,""we,""us,""our,""ourCompany,"and"ourbusiness"refertoTrinseoS.A.togetherwithitsconsolidatedsubsidiaries.Priortoourformation,ourbusinesseswerewholly-ownedbyTheDowChemicalCompany,whichwerefertoasDow.Werefertoourpredecessorbusinessesas"theStyronbusiness."OnJune17,2010,investmentfundsadvisedormanagedbyBainCapitalPartners,LPacquiredtheStyronbusiness,andDowEuropeHoldingB.V.retainedanownershipinterestintheStyronbusinessthroughanindirectownershipinterestinus.Werefertothistransactionasthe"Acquisition."Referencesto"sellingshareholder"and"Parent"refertoBainCapitalEverestManagerHoldingSCA,whoissellingsharespursuanttothisprospectussupplement.
Thisdocumentisintwoparts.Thefirstpartisthisprospectussupplement,whichdescribesthespecifictermsofthisofferingofordinarysharesandcertainothermattersrelatingtous,ourbusinessandprospects.Thesecondpart,theaccompanyingprospectus,containscertainotherinformation.
Theinformationcontainedinthisprospectussupplementmayadd,updateorchangeinformationcontainedintheaccompanyingprospectusorindocumentsthatwefileorhavefiledwiththeSecuritiesandExchangeCommission(the"SEC").Totheextenttheinformationcontainedinthisprospectussupplementdiffersorvariesfromtheinformationcontainedintheaccompanyingprospectusordocumentsincorporatedbyreferencefiledbeforethedateofthisprospectussupplement,theinformationinthisprospectussupplementwillsupersedesuchinformation.
NON-GAAP FINANCIAL MEASURES
WerefertothetermsEBITDA,AdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluationinthisprospectussupplement,theaccompanyingprospectusanddocumentsincorporatedbyreference.ThesearesupplementalfinancialmeasuresthatarenotpreparedinaccordancewithU.S.GenerallyAcceptedAccountingPrinciples("GAAP").Anyanalysisofnon-GAAPfinancialmeasuresshouldbeusedonlyinconjunctionwithresultspresentedinaccordancewithGAAP.
Seenote4tothesectiontitled"ProspectusSupplementSummary—SummaryHistoricalFinancialandOperatingData"foradescriptionofthecalculationofEBITDA,AdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluation,includingthereasonsthatwebelievethisinformationisusefultomanagementandwhyitmaybeusefultoinvestors,andareconciliationofEBITDA,AdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluationtothemostcloselycomparablefinancialmeasurecalculatedinaccordancewithGAAP.OurmeasurementsofEBITDA,AdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluationmaynotbecomparabletothoseofothercompanies.
S-ii
TableofContents
PROSPECTUS SUPPLEMENT SUMMARY
This summary highlights information appearing elsewhere or incorporated by reference in this prospectus supplement and the accompanyingprospectus. This summary is not complete and does not contain all of the information that you should consider before investing in our ordinary shares. Youshould carefully read the entire prospectus supplement, the accompanying prospectus and the financial data and related notes and other informationincorporated by reference in this prospectus supplement and the accompanying prospectus before deciding whether to invest in our ordinary shares.
Our Company
Wearealeadingglobalmaterialscompanyengagedinthemanufactureandmarketingofsyntheticrubber,latex,andplastics,includingvariousspecialtyandtechnologicallydifferentiatedproducts.Webelievethatgrowthinoverallconsumerspendingandconstructionactivity,increaseddemandintheautomotiveindustryforhigherfuelefficiencyandlighter-weightmaterials,andimprovinglivingstandardsinemergingmarketswillresultingrowthintheglobalmarketsinwhichwecompete.Inaddition,webelieveourincreasingbusinesspresenceindevelopingregionssuchasChina,SoutheastAsia,andEasternEuropefurtherenhancesourprospects.
Wedevelopsyntheticrubber,latexandplasticsproductsthatareincorporatedintoawiderangeofourcustomers'productsthroughouttheworld,includingtiresandotherproductsforautomotiveapplications,carpetandartificialturfbacking,coatedpaperandpackagingboard,foodpackaging,appliances,medicaldevices,consumerelectronicsandconstructionapplications,amongothers.Weseektoregularlydevelopnewandimprovedproductsandprocesses,supportedbyourintellectualpropertyportfolio,designedtoenhanceourcustomers'productofferings.Wehavelong-standingrelationshipswithadiversebaseofglobalcustomers,manyofwhomareleadersintheirmarketsandrelyonusforformulation,technologicaldifferentiation,andcompoundingexpertisetofindsustainablesolutionsfortheirbusinesses.Manyofourproductsrepresentonlyasmallportionofafinishedproduct'sproductioncosts,butprovidecriticalfunctionalitytothefinishedproductandareoftenspecificallydevelopedtocustomerspecifications.Webelievetheseproducttraitsresultinsubstantialcustomerloyaltyforourproducts.
Wehavesignificantmanufacturingandproductionoperationsaroundtheworld,whichallowsustoserveourglobalcustomerbase.AsofDecember31,2015,ourproductionfacilitiesincluded34manufacturingplants(whichincludedatotalof80productionunits)at26sitesacross14countries,includingjointventuresandcontractmanufacturers.Ourmanufacturinglocationsincludesitesinhigh-growthemergingmarketssuchasChinaandIndonesia.Additionally,asofDecember31,2015,weoperated11researchanddevelopment("R&D")facilitiesglobally,includingminiplants,developmentcentersandpilotcoaters,whichwebelievearecriticaltoourglobalpresenceandinnovationcapabilities.
S-1
TableofContents
Weareaglobalbusinesswithadiversegeographicrevenuemixandsignificantoperationsaroundtheworld.
In2015,wegeneratednetsalesof$3,972million,AdjustedEBITDAof$492.0million,AdjustedEBITDAexcludinginventoryrevaluationof$550.3million,andnetincomeof$133.6million.AdditionalinformationregardingAdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluation,includingareconciliationofthesemetricstonetincome(loss),isincludedinnote4tothetable"—SummaryHistoricalFinancialandOperatingData."
Recent Developments
First Quarter 2016 Financial Results Estimate
WehaveprovidedbelowestimatedrangesofcertainfinancialmetricsregardingtheresultsofourquarterlyperiodendingMarch31,2016.ThequarterlyfinancialestimatesforthethreemonthsendingMarch31,2016arebasedonourpreliminaryinformationandforecastsforsuchperiod.Theestimateispreliminaryandisderivedfromfinancialreportswhichmanagementbelievesarereasonableandassuchissubjecttochangeinconnectionwiththecompletionofthequarterandsuchchangescouldbematerial.
Weestimatefirstquarter2016netsalesof$840millionto$900million.Themidpointofthisrangerepresentsa14.5%decreasefromthefirstquarterof2015.Themidpointofthisrangerepresentsa3.0%decreasefromthefourthquarterof2015.
Weestimatefirstquarter2016AdjustedEBITDAexcludinginventoryrevaluationof$125millionto$135million.Themidpointoftherangeis$21millionlowerthanthefirstquarterof2015.The
S-2
2015 Net Sales by Geography 2015 Net Sales by End Market
Three Months Ended March 31, December 31,
(in millions)
2016 (preliminary estimate— unaudited) 2015 2015
Netsales $ 840-900 $ 1,018 $ 897AdjustedEBITDA,excludinginventoryrevaluation(1) 125-135 151 133
(1) See"—SummaryHistoricalFinancialandOperatingData"foradditionalinformationregardingAdjustedEBITDAexcludinginventoryrevaluationandadescriptionofthelimitationsofthisfinancialmeasure.
TableofContents
midpointofourAdjustedEBITDAexcludinginventoryrevaluationrangerepresentedadecreaseofapproximately$3millioncomparedtothefourthquarterof2015.
OurdataforthefiscalquarterendingMarch31,2016presentedabovearepreliminary,baseduponourestimatesandsubjecttocompletionofthefiscalquarterandcompletionofourfinancialclosingprocedures.Allofthedatapresentedabovehavebeenpreparedbyandaretheresponsibilityofmanagement.Thissummaryisnotacomprehensivestatementofourperformancefortheperiodandouractualresultsmaydiffermateriallyfromtheseestimatesasaresultofthefinancialresultsduringtheremainderofthequarter,whichremainsubjecttoexternalfactorsoutsideofourcontrol,completionofourfinancialclosingprocedures,finaladjustmentsandotherdevelopmentsthatmayarisebetweennowandthetimethefinancialresultsforthisperiodarefinalized.
Wehaveprovidedrangesfortheexpectationsdescribedabovebecauseourfiscalquarterisnotyetcompleteandremainssubjecttoourfinancialclosingproceduresoncecompleteandweexpecttoreceivefurtherupdatedinformationbeforefinalizingourfinancialresultsforthefiscalquarter.
Allofthedatapresentedabovehasbeenpreparedbyandistheresponsibilityofmanagement.PricewaterhouseCoopersLLPhasnotaudited,reviewed,compiledorperformedanyprocedureswithrespecttotheaccompanyingfinancialdata.Accordingly,PricewaterhouseCoopersLLPdoesnotexpressanopinionoranyotherformofassurancewithrespectthereto.
Share Repurchase and Tender Offer
OnMay13,2014,atthegeneralmeetingofshareholders,ourshareholdersauthorizedourboardofdirectorstorepurchaseupto10%oftheissuedsharecapitaloftheCompany.Inaddition,onDecember10,2015,ourboardofdirectorsauthorizedasharerepurchaseprogramforupto$125millionofourordinaryshares,subjecttocertainconditions.Inconnectionwiththecompletionofthisoffering,wewillrepurchaseupto1,600,000sharesfromtheunderwriteraspartofsuchsharerepurchaseprogramatapricepershareequaltothepricepersharepaidbytheunderwritertothesellingshareholderinthisoffering.
Becausearepurchasetransactionwillbecompletedinconnectionwiththisoffering,inordertosatisfycertainrequirementsofLuxembourglaw,promptlyfollowingthecompletionofthisoffering,weintendtocommenceatenderoffertooffertopurchaseuptoanadditional1,075,000sharesfromourshareholders(otherthanthesellingshareholderinthisoffering)atthesamepricepersharethatwepaidtotheunderwriterforthesharesrepurchasedaspartofthisoffering.
Thedescriptionandtheotherinformationinthisprospectussupplementregardingthesharerepurchaseandtenderofferareincludedinthisprospectussupplementsolelyforinformationalpurposes.Nothinginthisprospectussupplementshouldbeconstruedasanoffertosell,orthesolicitationofanoffertobuy,anyofourordinarysharesinconnectionwiththesharerepurchaseorthetenderoffer.
Corporate Information
Ourglobaloperatingcenterislocatedat1000ChesterbrookBoulevard,Suite300,Berwyn,Pennsylvania19312,andourtelephonenumberatthisaddressis(610)240-3200.Wemaintainawebsiteatwww.trinseo.com.Theinformationon,orthatcanbeaccessedthrough,ourwebsiteisnotpartofthisprospectussupplementortheaccompanyingprospectus,andyoushouldnotrelyonanysuchinformationinmakingthedecisionwhethertopurchaseourordinaryshares.
S-3
TableofContents
The Offering
S-4
Ordinarysharesofferedbythesellingshareholder
9,600,000ordinaryshares.
Ordinarysharesoutstandingafterthisofferingandtheconcurrentsharerepurchase(1)
47,177,934ordinaryshares.
UseofproceedsWewillnotreceiveanyoftheproceedsfromthesaleofourordinarysharesbythesellingshareholder.
DividendpolicySinceourinitialpublicoffering,wehavenotdeclaredorpaiddividendsorothercashdistributionsonourordinaryshares.Anyfuturedeterminationtopaydividendsormakeotherdistributionstoourshareholderswillbeatthediscretionofourboardofdirectors.See"DividendPolicy."
SharerepurchaseInconnectionwiththecompletionofthisoffering,wewillrepurchase1,600,000sharesfromtheunderwriteraspartofsuchsharerepurchaseprogramatapricepershareequaltothepricepersharepaidbytheunderwritertothesellingshareholderinthisoffering.
TenderofferBecausearepurchasetransactionwillbecompletedinconnectionwiththisoffering,inordertosatisfycertainrequirementsofLuxembourglaw,promptlyfollowingthecompletionofthisoffering,weintendtocommenceatenderoffertooffertopurchaseuptoanadditional1,075,000sharesfromourshareholders(otherthanthesellingshareholderinthisoffering)atthesamepricepersharethatwepaidtotheunderwriterforthesharesrepurchasedaspartofthisoffering.
RiskfactorsYoushouldreadcarefullytheinformationsetforthunder"RiskFactors"hereinandintheaccompanyingprospectusforadiscussionoffactorsthatyoushouldconsiderbeforedecidingtoinvestinourordinaryshares.
NewYorkStockExchangetradingsymbol
"TSE".
(1) Aftergivingeffecttotherepurchaseof1,600,000ordinarysharesfromtheunderwriterthatwillnolongerbeoutstandingafterthecompletionofthesharerepurchase.Suchamountdoesnotgiveeffecttoanyrepurchaseofsharesthatmaybemadeinconnectionwiththetenderoffertopurchaseuptoanadditional1,075,000sharesdescribedherein.Formoreinformationontheownershipofourordinaryshares,see"SellingShareholder."Unlesswespecificallystateotherwise,thenumberofsharesoutstandingdoesnotincludethe3,528,849ordinarysharesthatareregisteredandreservedforissuanceuponthevestingorexerciseofawardsgrantedpursuanttoour2014OmnibusIncentivePlan.
TableofContents
Summary Historical Financial and Operating Data
Thefollowingtablesetsforthoursummaryhistoricalfinancialandoperatingdataandotherinformationasofthedatesandfortheperiodsindicated.ThehistoricalresultsofoperationsdatafortheyearsendedDecember31,2015,2014,and2013,andthehistoricalbalancesheetdataasofDecember31,2015and2014presentedbelowwerederivedfromourauditedconsolidatedfinancialstatementsandtherelatednotestheretoincorporatedbyreferenceintothisprospectussupplement.ThehistoricalbalancesheetdataasofDecember31,2013wasderivedfromourauditedfinancialstatementsandtherelatednotestheretonotincorporatedbyreferenceintothisprospectussupplement.ThedatainthefollowingtablerelatedtoEBITDA,AdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluationareunauditedforallperiodspresented.
Ourhistoricalresultsarenotnecessarilyindicativeoftheresultstobeexpectedforanyfutureperiods.
Thissummaryhistoricalfinancialandotherdatashouldbereadinconjunctionwiththedisclosuressetforthunder"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations"andtheconsolidatedfinancialstatementsandtherelatednotesthereto,bothofwhichcanbefoundinourAnnualReportonForm10-KfortheyearendedDecember31,2015,whichisincorporatedbyreferenceherein.
S-5
TableofContents
S-6
Year Ended December 31, (in millions, except per share data) 2015 2014 2013 Statement of Operations Data: Netsales(1) $ 3,971.9 $ 5,128.0 $ 5,307.4Costofsales(1) 3,502.8 4,830.6 4,949.4Grossprofit 469.1 297.4 358.0Selling,generalandadministrativeexpenses 208.0 232.6 216.9Equityinearningsofunconsolidatedaffiliates 140.2 47.7 39.1Operating income 401.3 112.5 180.2Interestexpense,net 93.2 124.9 132.0Lossonextinguishmentoflong-termdebt(2) 95.2 7.4 20.7Otherexpense,net 9.1 27.8 27.9Income (loss) before income taxes 203.8 (47.6) (0.4)Provisionforincometaxes 70.2 19.7 21.8Net income (loss) $ 133.6 $ (67.3) $ (22.2)Weightedaverageshares—basic 48.8 43.5 37.3Netincome(loss)pershare—basic $ 2.74 $ (1.55) $ (0.60)Weightedaverageshares—diluted 49.0 43.5 37.3Netincome(loss)pershare—diluted $ 2.73 $ (1.55) $ (0.60)Other Financial Data: Depreciationandamortization $ 96.8 $ 103.7 $ 95.2Capitalexpenditures,netofsubsidy(3) 107.1 98.6 54.8EBITDA(4) 393.8 181.0 226.8AdjustedEBITDA(4) 492.0 261.6 277.9AdjustedEBITDA,excludinginventoryrevaluation(4) 550.3 326.0 318.3
Balance Sheet Data: Cashandcashequivalents $ 431.3 $ 220.8 $ 196.5Workingcapital(5) 839.8 748.7 810.2Totalassets 2,284.6 2,356.1 2,574.8Debt 1,207.8 1,202.2 1,336.4Totalliabilities 1,895.6 2,035.3 2,231.6Totalshareholders'equity 389.0 320.9 343.2
(1) Netsalesandcostofsalesincreaseordecreasebasedonfluctuationsinrawmaterialprices.Consistentwithindustrypractice,andaspermittedunderagreementswithmanyofourcustomers,rawmaterialpricechangesaregenerallypassedthroughtocustomersbymeansofcorrespondingpricechanges.
(2) FortheyearendedDecember31,2015,thelossonextinguishmentofdebtof$95.2millionrelatedtotheCompany'sdebtrefinancinginMay2015,andwascomprisedofbothacallpremiumandthewrite-offofunamortizeddeferredfinancingfees.FortheyearendedDecember31,2014,thelossonextinguishmentofdebtrelatedtotheJuly2014redemptionof$132.5millioninaggregateprincipalamountofthe2019SeniorNotes,usingaportionoftheproceedsfromourinitialpublicoffering.FortheyearendedDecember31,2013,thelossonextinguishmentofdebtrelatedtotheJanuary2013amendmentofour2018SeniorSecuredCreditFacilityandtherepaymentof$1,239.0millionofoutstandingTermLoans.
TableofContents
S-7
(3) Representscapitalexpenditures,netofgovernmentsubsidiesreceivedforsolutionstyrene-butadienerubber,orSSBR,expansionof$2.2millionand$18.8millionfortheyearsendedDecember31,2015and2013,respectively.NogovernmentsubsidieswerereceivedintheyearendedDecember31,2014.FortheyearendedDecember31,2014,capitalexpendituresincludeapproximately$26.1millionforthereacquisitionofproductioncapacityrightsattheCompany'srubberproductionfacilityinSchkopau,Germany.
(4) WebelievethatthepresentationofAdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluationprovidesinvestorswithausefulanalyticalindicatorofourperformanceandofourabilitytoserviceourindebtedness.
WedefineAdjustedEBITDAasincome(loss)fromcontinuingoperationsbeforeinterestexpense,net;incometaxprovision;depreciationandamortizationexpense;lossonextinguishmentoflong-termdebt;assetimpairmentcharges;advisoryfeespaidtoaffiliatesofBainCapitalEverestManagerHoldingSCA;gainsorlossesonthedispositionsofbusinessesandassets;restructuringandothernon-recurringitems.Wedescribetheseothercostsinmoredetailbelow.
WepresentAdjustedEBITDAexcludinginventoryrevaluationinordertofacilitatethecomparabilityofresultsfromperiodtoperiodbyadjustingcostofsalestoreflectthecostofrawmaterialduringtheperiod,whichisoftenreferredtoasthereplacementcostmethodofinventoryvaluation.Webelievethismeasureminimizestheimpactofrawmaterialpurchasepricevolatilityinevaluatingourperformance.OurapproachtocalculatinginventoryrevaluationisintendedtorepresentthedifferencebetweentheresultsundertheFIFOandthereplacementcostmethods.However,ourcalculationcoulddifferfromthereplacementcostmethodifthemonthlyrawmaterialstandardsaredifferentfromtheactualrawmaterialpricesduringthemonthandproductionandpurchasevolumesdifferfromsalesvolumesduringthemonth.Thesefactorscouldhaveasignificantimpactontheinventoryrevaluationcalculation.
TherearelimitationstousingfinancialmeasuressuchasAdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluation.TheseperformancemeasuresarenotintendedtorepresentcashflowfromoperationsasdefinedbyGAAPandshouldnotbeusedasalternativestonetincome(loss)asindicatorsofoperatingperformanceortocashflowasmeasuresofliquidity.OthercompaniesinourindustrymaydefineAdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluationdifferentlythanwedo.Asaresult,itmaybedifficulttousetheseorsimilarly-namedfinancialmeasuresthatothercompaniesmayuse,tocomparetheperformanceofthosecompaniestoourperformance.Wecompensatefortheselimitationsbyprovidingreconciliationsoftheseperformancemeasurestoournetincome(loss),whichisdeterminedinaccordancewithGAAP.
TableofContents
S-8
AdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluationarecalculatedasfollowsfortheyearsendedDecember31,2015,2014,and2013,respectively:
Year Ended December 31, (in millions) 2015 2014 2013 Netincome(loss) $ 133.6 $ (67.3) $ (22.2)Interestexpense,net 93.2 124.9 132.0Provisionforincometaxes 70.2 19.7 21.8Depreciationandamortization 96.8 103.7 95.2EBITDA(a) $ 393.8 $ 181.0 $ 226.8Lossonextinguishmentoflong-termdebt 95.2 7.4 20.7Assetimpairmentchargesorwrite-offs(b) — — 9.9Netloss(gain)ondispositionofbusinessesandassets(c) — (0.6) 4.2Restructuringandothercharges(d) 0.8 10.0 10.8Feespaidpursuanttoadvisoryagreement(e) — 25.4 4.7Othernon-recurringitems(f) 2.2 38.4 0.8Adjusted EBITDA $ 492.0 $ 261.6 $ 277.9Inventoryrevaluation 58.3 64.4 40.4Adjusted EBITDA excluding inventory revaluation(g) $ 550.3 $ 326.0 $ 318.3
(a) WerefertoEBITDAinmakingoperatingdecisionsbecausewebelieveitprovidesmeaningfulsupplementalinformationregardingouroperationalperformance.OthercompaniesinourindustrymaydefineEBITDAdifferentlythanwedo.Asaresult,itmaybedifficulttouseEBITDA,orsimilarly-namedfinancialmeasuresthatothercompaniesmayuse,tocomparetheperformanceofthosecompaniestoourperformance.WecompensatefortheselimitationsbyprovidingreconciliationsofourEBITDAresultstoournetincome(loss),whichisdeterminedinaccordancewithGAAP.Seethe"SelectedSegmentInformation"inourAnnualReportonForm10-KfortheyearendedDecember31,2015forfurtherdetailonEBITDAbyeachofourreportablesegments.
(b) Assetimpairmentchargesorwrite-offsfortheyearendedDecember31,2013relateprimarilytoa$9.2millionimpairmentchargeforfixedassetsatourpolycarbonatemanufacturingplantinStade,Germany.SeeNote7intheconsolidatedfinancialstatementsincludedinourAnnualReportonForm10-KfortheyearendedDecember31,2015forfurtherdiscussion.
(c) Netloss(gain)ondispositionofbusinessesandassetsfortheyearsendedDecember31,2014and2013of$(0.6)millionand$4.2million,respectively,relatetothesaleoftheCompany'sexpandablepolystyrene,orEPS,business,whichclosedinSeptember2013,andforwhichacontingentgainof$0.6millionwasrecordedduringthefourthquarterof2014.RefertoNote3intheconsolidatedfinancialstatementsinourAnnualReportonForm10-KfortheyearendedDecember31,2015forfurtherdiscussion.
(d) RestructuringandotherchargesfortheyearendedDecember31,2015relateprimarilytothepolycarbonaterestructuringwithinourBasicPlastics&FeedstockssegmentforthereimbursementofdecommissioninganddemolitionchargestoDowinconnectionwiththeshutdownoftheirFreeport,TexasfacilityandemployeeterminationbenefitchargesincurredinconnectionwiththeAllyn'sPointshutdownwithinourlatexbusiness.RestructuringandotherchargesfortheyearsendedDecember31,2014and2013wereincurredprimarilyinconnectionwiththeshutdownofourlatexmanufacturingplantinAltona,AustraliaandtherestructuringwithinourBasicPlastics&Feedstockssegment
TableofContents
S-9
notedabove.NotethattheaccelerateddepreciationchargesincurredasapartoftheAllyn'sPointshutdownannouncedinSeptember2015,andthe2014restructuringwithinourBasicPlastics&Feedstockssegment,areincludedwithinthe"Depreciationandamortization"captionabove,andthereforearenotincludedasaseparateadjustmentwithinthiscaption.SeeNote20intheconsolidatedfinancialstatementsinourAnnualReportonForm10-KfortheyearendedDecember31,2015forfurtherdiscussion.
(e) RepresentsfeespaidunderthetermsofouradvisoryagreementwithBainCapitalPartners,LP(the"AdvisoryAgreement").FortheyearendedDecember31,2014,thisincludesachargeof$23.3millionforfeesincurredinconnectionwiththeterminationoftheAdvisoryAgreement,pursuanttoitsterms,uponconsummationoftheCompany'sinitialpublicofferinginJune2014.SeeNote18intheconsolidatedfinancialstatementsinourAnnualReportonForm10-KfortheyearendedDecember31,2015forfurtherdiscussion.
(f) Othernon-recurringitemsincurredfortheyearsendedDecember31,2015and2014primarilyconsistofcostsrelatedtotheprocessofchangingourcorporatenamefromStyrontoTrinseo.FortheyearendedDecember31,2014,thesecostsalsoincludeaone-time$32.5millionterminationpaymentmadetoDowinconnectionwiththeterminationofourLatexJVOptionAgreement.SeeNote18intheconsolidatedfinancialstatementsinourAnnualReportonForm10-KfortheyearendedDecember31,2015forfurtherdiscussion.
(g) SeethediscussionabovethistableforadescriptionofAdjustedEBITDAexcludinginventoryrevaluation.
(5) Workingcapitalisdefinedascurrentassetsminuscurrentliabilities.
TableofContents
RISK FACTORS
An investment in our ordinary shares involves various risks. You should carefully consider the following risks and all of the other information contained inthis prospectus supplement and the accompanying prospectus before investing in our ordinary shares. In addition, you should read and consider the risk factorsassociated with our business included in the documents incorporated by reference in this prospectus supplement, including our Annual Report on Form 10-K forthe year ended December 31, 2015. See "Where You Can Find More Information." The risks described below and incorporated herein by reference are thosewhich we believe are the material risks that we face. The trading price of our ordinary shares could decline due to any of these risks, and you may lose all or partof your investment in our ordinary shares.
Risks Related to the Offering
Our share price could be extremely volatile, and, as a result, you may not be able to resell your ordinary shares at or above the price you paid for them.
SinceourinitialpublicofferinginJune2014,thepriceofanordinaryshare,asreportedontheNewYorkStockExchange,hasrangedfromalowof$11.92onNovember14,2014toahighof$39.23onMarch18,2016.Inaddition,thestockmarketingeneralhasbeenhighlyvolatile.Asaresult,themarketpriceofourordinarysharesislikelytobesimilarlyvolatile,andinvestorsinourordinarysharesmayexperienceadecrease,whichcouldbesubstantial,inthevalueoftheirshares,includingdecreasesunrelatedtoouroperatingperformanceorprospects,andcouldlosepartoralloftheirinvestment.Thepriceofourordinarysharescouldbesubjecttowidefluctuationsinresponsetoanumberoffactors,includingthosedescribedelsewhereinthisprospectussupplementortheaccompanyingprospectusandotherssuchas:
• variationsinouroperatingperformanceandtheperformanceofourcompetitors;
• actualoranticipatedfluctuationsinourquarterlyorannualoperatingresults;
• publicationofresearchreportsbysecuritiesanalystsaboutusorourcompetitorsorourindustry;
• ourfailureorthefailureofourcompetitorstomeetanalysts'projectionsorguidancethatweorourcompetitorsmaygivetothemarket;
• additionsanddeparturesofkeypersonnel;
• strategicdecisionsbyusorourcompetitors,suchasacquisitions,divestitures,spin-offs,jointventures,strategicinvestmentsorchangesinbusinessstrategy;
• thepassageoflegislationorotherregulatorydevelopmentsaffectingusorourindustry;
• speculationinthepressorinvestmentcommunity;
• changesinaccountingprinciples;
• terroristacts,actsofwarorperiodsofwidespreadcivilunrest;
• naturaldisastersandothercalamities;and
• changesingeneralmarketandeconomicconditions.
Inthepast,securitiesclassactionlitigationhasoftenbeeninitiatedagainstcompaniesfollowingperiodsofvolatilityintheirshareprice.Thistypeoflitigationcouldresultinsubstantialcostsanddivertourmanagement'sattentionandresources,andcouldalsorequireustomakesubstantialpaymentstosatisfyjudgmentsortosettlelitigation.
There may be sales of a substantial amount of our ordinary shares after this offering by our current shareholders, and these sales could cause the price of ourordinary shares to fall.
AsofMarch1,2016,therewere48,777,934ofourordinarysharesoutstanding.Ofourissuedandoutstandingshares,alltheordinarysharessoldinourinitialpublicofferingorthisofferingwillbe
S-10
TableofContents
freelytransferable,exceptforanysharesheldbyour"affiliates,"asthattermisdefinedinRule144undertheSecuritiesAct.FollowingcompletionofthisofferingbasedonthesharesoutstandingasofMarch1,2016,andaftergivingeffecttothesharerepurchase,approximately58.6%ofouroutstandingordinaryshareswillbebeneficiallyownedbyourParentandourofficersanddirectors.
Eachofourdirectors,executiveofficersandourParenthasenteredintoalock-upagreementwiththeunderwriter,whichregulatestheirsalesofourordinarysharesforaperiodof60daysafterthedateofthisprospectussupplement,subjecttocertainexceptions.
Salesofsubstantialamountsofourordinarysharesinthepublicmarketafterthisoffering,ortheperceptionthatsuchsaleswilloccur,couldadverselyaffectthemarketpriceofourordinarysharesandmakeitdifficultforustoraisefundsthroughsecuritiesofferingsinthefuture.Ofthesharestobeoutstandingaftertheoffering,thesharessoldinourinitialpublicoffering,thesharesofferedbythisprospectussupplementandthesharesissuedunderour2014OmnibusIncentivePlanareeligibleforimmediatesaleinthepublicmarketwithoutrestrictionbypersonsotherthanouraffiliates.Ourremaining27,669,567outstandingshareswillbecomeavailableforresaleinthepublicmarket,subjecttotheprovisionsofRule144,60daysafterthedateofthisoffering,subjecttocertainexceptions.
Inaddition,asofDecember31,2015,wehave3,528,849ordinarysharesthatareregisteredandreservedforissuanceunderour2014OmnibusIncentivePlan.
If you purchase shares in this offering, you will suffer immediate and substantial dilution.
AsofDecember31,2015,ournettangiblebookvaluepersharewas$1.95.Ifyoupurchaseordinarysharesinthisoffering,youwillincurimmediateandsubstantialdilutionintheproformabookvalueofyourordinarysharesbecausethepricethatyoupaywillbesubstantiallygreaterthanthenettangiblebookvaluedeficiencypershareoftheordinarysharesyouacquire.Youwillexperienceadditionaldilutionupontheexerciseofoptionstopurchaseourordinaryshares,includingthoseoptionscurrentlyoutstandingandthosegrantedinthefuture,andtheissuanceofrestrictedstockunitsorotherequityawardsunderourequityincentiveplans.Totheextentweraiseadditionalcapitalbyissuingequitysecurities,ourshareholderswillexperiencesubstantialadditionaldilution.
Our Parent will continue to have significant influence over us after this offering, which could limit your ability to influence the outcome of key transactions,including a change of control.
Wearecurrentlycontrolled,andafterthisofferingiscompletedwillcontinuetobecontrolled,byourParent.Uponcompletionofthisofferingandaftergivingeffecttothesharerepurchase,ourParentwillbeneficiallyown58.6%ofouroutstandingordinaryshares.ForaslongasourParentcontinuestobeneficiallyownmorethan50%ofthevotingpowerofourordinaryshares,itwillbeabletodirecttheelectionofallofthemembersofourboardofdirectorsandcouldexerciseacontrollinginfluenceoverourbusinessandaffairs,includinganydeterminationswithrespecttomergersorotherbusinesscombinations,theacquisitionordispositionofassets,theincurrenceofindebtedness,theissuanceofanyadditionalordinarysharesorotherequitysecurities,therepurchaseorredemptionofordinarysharesandthepaymentofdividends.Similarly,ourParentwillhavethepowertodeterminematterssubmittedtoavoteofourshareholderswithouttheconsentofourothershareholders,willhavethepowertopreventachangeinourcontrolandcouldtakeotheractionsthatmightbefavorabletoit.Evenifitsownershipfallsbelow50%,ourParentanditsaffiliateswillcontinuetobeabletostronglyinfluenceoreffectivelycontrolourdecisions.
S-11
TableofContents
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Thisprospectus,includinginformationincorporatedbyreferenceherein,containsforward-lookingstatementsincluding,withoutlimitation,statementsconcerningplans,objectives,goals,projections,strategies,futureeventsorperformance,andunderlyingassumptionsandotherstatements,whicharenotstatementsofhistoricalfacts.Forward-lookingstatementsmaybeidentifiedbytheuseofwordslike"expect,""anticipate,""intend,""forecast,""outlook,""will,""may,""might,""potential,""likely,""target,""plan,""contemplate,""seek,""attempt,""should,""could,""would"orexpressionsofsimilarmeaning.Forward-lookingstatementsreflectmanagement'sevaluationofinformationcurrentlyavailableandarebasedonourcurrentexpectationsandassumptionsregardingourbusiness,theeconomyandotherfutureconditions.Becauseforward-lookingstatementsrelatetothefuture,theyaresubjecttoinherentuncertainties,risksandchangesincircumstancesthataredifficulttopredict.Specificfactorsthatmayimpactperformanceorotherpredictionsoffutureactionshave,inmanybutnotallcases,beenidentifiedinconnectionwithspecificforward-lookingstatements.Ouractualresultsmaydiffermateriallyfromthosecontemplatedbytheforward-lookingstatements.Theyareneitherstatementsofhistoricalfactnorguaranteesorassurancesoffutureperformance.Importantfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseintheforward-lookingstatementsincludeeconomic,business,competitive,marketandregulatoryconditionsandthefollowing:
• ourcurrentlevelofindebtedness;
• thestabilityofourjointventures;
• changesinregulationsinthejurisdictionswherewemanufacture;
• lawsuitsresultingfromproductsoroperations;
• volatilityincostsordisruptioninthesupplyoftherawmaterialsutilizedforourproducts;
• hazardsassociatedwithchemicalmanufacturing;
• thecompetitivenatureofourendmarkets;
• ourcontinuedrelianceonourrelationshipwithTheDowChemicalCompany;
• ourcompliancewithenvironmental,healthandsafetylaws;
• conditionsintheglobaleconomyandcapitalmarkets;
• anydisruptionsinproductionatourmanufacturingfacilities;
• increasesinthecostofenergy;
• ourabilitytomaintainthenecessarylicensesandpermitsweneedforouroperations;
• failuretomaintainaneffectivesystemofinternalcontrols;
• currentinsurancenotcoveringallpotentialexposures;
• theoutcomeofcertaingovernmentinvestigations;
• changesinlawsandregulationsapplicabletoourbusiness;
• ourdependenceuponkeyexecutivemanagementandanyinabilitytoattractandretainotherqualifiedmanagementpersonnel;
• fluctuationsincurrencyexchangerates;
• strategicacquisitionsaffectingcurrentoperations;
• ourabilitytoreceivedistributionsfromoursubsidiariesandjointventures;
S-12
TableofContents
• theoutcomeoftheongoinginvestigationinvolvingoneofourjointventures;
• thelossofcustomers;
• anyinabilitytocontinuetechnologicalinnovationandsuccessfulintroductionofnewproducts;
• anyinabilitytoprotectourtrademarks,patentsorotherintellectualpropertyrights;
• datasecuritybreaches;
• failureofourassumptionsandprojectionstobeaccurate;
• localbusinessrisksindifferentcountriesinwhichweoperate;
• seasonalityofourbusiness;and
• otherrisksdescribedinthe"RiskFactors"sectionofthisprospectusandtheapplicableprospectussupplement.
Wederivemanyofourforward-lookingstatementsfromouroperatingbudgetsandforecasts,whicharebaseduponmanydetailedassumptions.Whilewebelievethatourassumptionsarereasonable,wecautionthatitisverydifficulttopredicttheimpactofknownfactors,anditisimpossibleforustoanticipateallfactorsthatcouldaffectouractualresults.Importantfactorsthatcouldcauseactualresultstodiffermateriallyfromourexpectations,orcautionarystatements,aredisclosedunderthesectionentitled"RiskFactors"andthesectionsentitled"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations"fromourAnnualReportonForm10-K,incorporatedbyreferenceintothisprospectus.Allwrittenandoralforward-lookingstatementsattributabletous,orpersonsactingonourbehalf,areexpresslyqualifiedintheirentiretybythecautionarystatementsaswellasothercautionarystatementsthataremadefromtimetotimeinourotherpubliccommunications.Youshouldevaluateallforward-lookingstatementsmadeinthisprospectusandthedocumentsincorporatedbyreferencehereininthecontextoftheserisksanduncertainties.
Wecautionyouthattheimportantfactorsreferencedabovemaynotcontainallofthefactorsthatareimportanttoyou.Inaddition,wecannotassureyouthatwewillrealizetheresultsordevelopmentsweexpectoranticipateor,evenifsubstantiallyrealized,thattheywillresultintheconsequencesoraffectusorouroperationsinthewayweexpect.Theforward-lookingstatementsincludedinthisprospectusandthedocumentsincorporatedbyreferencehereinaremadeonlyasofthedateoftheapplicabledocument.Weundertakenoobligationtopubliclyupdateorreviseanyforward-lookingstatementasaresultofnewinformation,futureeventsorotherwise,exceptasotherwiserequiredbylaw.
S-13
TableofContents
USE OF PROCEEDS
Wewillnotreceiveanyproceedsfromthesaleofourordinarysharesbythesellingshareholder.
See"SellingShareholder"and"Underwriting."
S-14
TableofContents
MARKET PRICE OF OUR ORDINARY SHARES
OurordinaryshareshavebeenlistedontheNewYorkStockExchangeunderthesymbol"TSE"sinceJune12,2014.Priortothattime,therewasnopublicmarketforourordinaryshares.ThefollowingtablesetsforthfortheperiodsindicatedthehighandlowsalepricesofourordinarysharesontheNewYorkStockExchange.
Arecentreportedclosingpriceforourordinarysharesissetforthonthecoverpageofthisprospectussupplement.AmericanStockTransferandTrustCompany,LLCisthetransferagentandregistrarforourordinaryshares.AsofMarch9,2016,therewere2holdersofrecordofourordinaryshares.
S-15
Fiscal Quarter High Low 2014: Secondquarter(fromJune12,2014) $ 22.99 $ 20.00Thirdquarter $ 21.78 $ 15.54Fourthquarter $ 18.84 $ 11.92
2015: Firstquarter $ 20.76 $ 14.14Secondquarter $ 30.44 $ 19.42Thirdquarter $ 33.69 $ 23.46Fourthquarter $ 32.96 $ 24.80
2016: Firstquarter(throughMarch18,2016) $ 39.23 $ 21.92
TableofContents
DIVIDEND POLICY
Sinceourinitialpublicoffering,wehavenotdeclaredorpaiddividendsorothercashdistributionsonourordinaryshares.Instead,wehaveretainedearningstofundthedevelopmentandgrowthofourbusinessandtorepayindebtedness.Paymentofdividendsonourordinarysharesissubjecttothedeterminationanddeclarationbyourboardofdirectors,andunderLuxembourglawtheapprovalofourshareholders.Luxembourglawalsolimitstheamountsthatmaybedistributedtoourshareholders.UnderLuxembourglaw,cashdividendsmustbepaidfromstatutoryaccountingprofitsandapprovedbyshareholders.TrinseoS.A.doesnothavestatutoryaccountingprofitsasaholdingcompanywithoutoperations.
Luxembourglawalsopermitscashdistributionstoshareholdersthroughtherepaymentofshareholderequity.Theamountofthisdistributionmaynotcausetheannualnon-consolidatedstatutorynetassetsofTrinseoS.A.tofallbelowtheaggregateofitsissuedandsubscribedsharecapitalandlegalreserves.Weplantorequestfromourshareholderstheauthorityforourboardofdirectorstomakeequityrepaymentsatournextannualmeeting.Nevertheless,evenifwereceivethisauthorizationfromourshareholders,itdoesnotrequirethatourboardofdirectorsdeclareandmakeanequityrepayment,orguaranteethattheywilldosointhefuture.
Ourabilitytopaydividendsonourordinarysharesisalsolimitedbyrestrictionsontheabilityofoursubsidiariestopaydividendsormakedistributionstous,includingrestrictionsunderthetermsofthecreditagreementgoverningoursubsidiaries'indebtedness.Additionally,oursubsidiariesarelocatedinavarietyofjurisdictions,whichcouldimposeadditionalrestrictionsorlimitationsontheabilityofthesesubsidiariestopaydividendsormakedistributionstous.
Anyfuturedeterminationtopaydividendsormakeotherdistributionstoourshareholderswillbeatthediscretionofourboardofdirectors,subjecttocompliancewithcovenantsincurrentandfutureagreementsgoverningourindebtednessandapplicableLuxembourglaw,andwilldependuponourresultsofoperations,financialcondition,capitalrequirementsandotherfactorsthatourboardofdirectorsdeemsrelevant.
S-16
TableofContents
DESCRIPTION OF SHARE CAPITAL
Thefollowingisasummaryofsomeofthetermsofourordinaryshares,basedonourarticlesofassociation.
Thefollowingsummaryissubjectto,andisqualifiedinitsentiretybyreferenceto,theprovisionsofourarticlesofassociation,theformofwhichhasbeenfiledasanexhibittotheregistrationstatementofwhichthisprospectusisapart.Youmayobtaincopiesofourarticlesofassociationasdescribedunder"WhereYouCanFindMoreInformation"inthisprospectus.
General
TrinseoS.A.isaLuxembourgpubliclimitedliabilitycompany(société anonyme ).Thecompany'slegalnameis"TrinseoS.A."TrinseoS.A.wasincorporatedonJune3,2010asaLuxembourgprivatelimitedliabilitycompany(société à responsabilité limitée )andwasconvertedintoaLuxembourgpubliclimitedliabilitycompanyonApril29,2011.
TrinseoS.A.isregisteredwiththeLuxembourgRegistryofTradeandCompaniesundernumberB153.549.TrinseoS.A.hasitsregisteredofficeat4,rueLouHemmer,L-1748Luxembourg,GrandDuchyofLuxembourg.
ThecorporatepurposeofTrinseoS.A.isstatedinArticle3ofitsarticlesofassociation.Thispurposeincludestheacquisitionofparticipations,inLuxembourgorabroad,inanycompanyorenterpriseinanyformwhatsoever,andthemanagement,developmentandsaleofthoseparticipations.TrinseoS.A.mayacquireandsell,bysubscription,purchaseandexchangeorinanyothermanner,anystock,sharesandotherparticipationsecurities,bonds,debentures,certificatesofdepositandotherdebtinstrumentsand,moregenerally,anysecuritiesandfinancialinstrumentsissuedbyanypublicorprivateentity.Itmayparticipateinthecreation,development,managementandcontrolofanycompanyorenterprise.Furthermore,itmayinvestintheacquisitionandmanagementofaportfolioofpatentsorotherintellectualpropertyrightsofanynatureororigin.
Additionally,TrinseoS.A.mayborrowinanyformandproceedtoissuedebtbyprivateorpublicofbonds,convertiblebondsanddebenturesoranyothersecuritiesorinstrumentsitdeemsfit.Ingeneral,TrinseoS.A.maygrantassistance(bywayofloans,advances,guaranteesorsecuritiesorotherwise)tocompaniesorotherenterprisesinwhichTrinseoS.A.hasaninterestorwhichformpartofthegroupofcompaniestowhichTrinseoS.A.belongsoranyotherentityasTrinseoS.A.maydeemfit.
TrinseoS.A.mayuseanytechniques,legalmeansandinstrumentstomanageitsinvestmentsintheparticipationsefficientlyandprotectitselfagainstcreditrisks,currencyexchangeexposure,interestraterisks,andotherrisk.Finally,itcanalsoperformallcommercial,financialorindustrialoperationandanytransactionwithrespecttorealestateormovableproperty,whichdirectlyorindirectlysupportsorrelatestoitscorporatepurpose.
Share Capital
AsofMarch1,2016,ourissuedsharecapitalamountsto$487,779.34,representedby48,777,934ordinaryshares,withanominalvalueof$0.01pershare.Allissuedshareswerefullypaid.
Ourarticlesofassociationauthorizeourboardofdirectorstoissueordinaryshareswithinthelimitsoftheauthorizedsharecapitalatsuchtimesandonsuchtermsasourboardofdirectorsmaydecideforaperiodcommencingonthedateofpublicationofouramendedarticlesofassociation(i.e.,June11,2014)andendingfiveyearsafterthedateonwhichtheminutesoftheshareholders'meetingapprovingsuchauthorizationarepublishedintheLuxembourgofficialgazetteMémorial C, Recueil des Sociétés et Associations (unlesssuchperiodisextended,amendedorrenewed).Accordingly,
S-17
TableofContents
ourboardisauthorizedtoissueupto50,000,000,000ordinarysharesduringsuchperiod.Wecurrentlyintendtoseekrenewalsand/orextensionsasrequiredfromtimetotime.
Ourauthorizedsharecapitalisdeterminedbyourarticlesofassociation,asamendedfromtimetotime,andmaybeincreased,reducedorextendedbyamendingthearticlesofassociationbyapprovaloftherequisitetwo-thirdsmajorityofthevotesataquorateextraordinarygeneralshareholders'meeting.
UnderLuxembourglaw,ourshareholdersbenefitfromapre-emptivesubscriptionrightontheissuanceofsharesforcashconsideration.However,ourshareholdershave,inaccordancewithLuxembourglaw,authorizedtheboardofdirectorstosuppress,waiveorlimitanypre-emptivesubscriptionrightsofshareholdersprovidedbylawtotheextenttheboarddeemssuchsuppression,waiverorlimitationadvisableforanyissuanceorissuancesofshareswithinthescopeofourauthorizedsharecapital.Suchsharesmaybeissuedabove,atorbelowmarketvaluebutinanyeventnotbelowthenominalvalueperordinaryshareaswellasbywayofincorporationofavailablereserves(includingpremium).
Theboardofdirectorswillresolveonasharesissuanceforwhichitintendstowaiveorlimitanypre-emptivesubscriptionrightsofshareholdersinaccordancewiththequorumandvotingthresholdssetforthinourarticlesofassociation.Theboardofdirectorswillalsoresolveontheapplicableproceduresandtimelinestowhichitwill,orhasto,subjectsuchissuance.Iftheproposaloftheboardofdirectorstoissuenewsharesexceedsthelimitsoftheourauthorizedsharecapital,theboardofdirectorsmustthenconvenetheshareholderstoanextraordinarygeneralmeetingtobeheldinthepresenceofaLuxembourgnotaryforthepurposeofincreasingtheissuedsharecapitalaccordinglyandprioritizingtheissueofsharesexceedingthelimitoftheauthorizedsharecapital.Thismeetingwillbesubjecttothetwo-thirdmajorityofthevotesataquorateextraordinarygeneralshareholders'meeting.Ifacapitalcallproposedbytheboardofdirectorsconsistsofanincreaseintheshareholders'commitments,theboardofdirectorsmustthenconvenetheshareholderstoanextraordinarygeneralmeetingtobeheldinthepresenceofaLuxembourgnotaryforsuchpurpose.Thismeetingwillbesubjecttotheunanimousconsentoftheshareholders.
Form and Transfer of Shares
OurordinarysharesareissuedinregisteredformonlyandarefreelytransferableunderLuxembourglawandourarticles,providedthatourboardofdirectorsmayimposetransferrestrictionsforsharesthatareregistered,listed,quoted,dealtin,orhavebeenplacedincertainjurisdictionsincompliancewiththeapplicablerequirements.LuxembourglawdoesnotimposeanylimitationsontherightsofLuxembourgornon-Luxembourgresidentstoholdorvoteourordinaryshares.
UnderLuxembourglaw,theownershipofregisteredsharesisestablishedbytheinscriptionofthenameoftheshareholderandthenumberofsharesheldbyhimorherintheshareholdersregister(registre des actionnaires )heldbyusatourregisteredofficeinLuxembourg.Atalltimes,wekeepacopyoftheshareholdersregisterinatourregisteredofficeinLuxembourg.Eachtransferofsharesshallbepromptlymadeknowntousaswellasanychangestotheshareholdersregisterandwerecordsuchchangeintheshareholdersregisterheldatourregisteredoffice.ForpurposesofLuxembourglaw,ownershipofourordinarysharesisevidencedthroughregistrationfromtimetotimeintheshareholdersregisterheldatourregisteredoffice,andsuchregistrationisameansofevidencingtitletotheshares.Fortheavoidanceofdoubt,incaseofdiscrepancybetweentheshareholdersregisterheldbyusatourregisteredofficeinLuxembourgandanyotherseparateregisterforthesharesheldbyentitiesinLuxembourgorinotherjurisdictions,theshareholdersregister(registre desactionnaires )heldbyusatourregisteredofficeinLuxembourgshallprevail.
Withoutprejudicetotheconditionsfortransferbybookentrywheresharesarerecordedintheshareholderregisteronbehalfofoneormorepersonsinthenameofadepository,eachtransferofsharesshallbeeffectedbywrittendeclarationoftransfertoberecordedintheshareholderregister,
S-18
TableofContents
suchdeclarationtobedatedandsignedbythetransferorandthetransferee,orbytheirdulyappointedagents.Wemayacceptandenterintotheshareholderregisteranytransferofshareseffectedpursuanttoanagreementoragreementsbetweenthetransferorandthetransferee,trueandcompletecopiesofwhichhavebeendeliveredtous.
Ourarticlesofassociationprovidethatwemayappointregistrarsindifferentjurisdictions,eachofwhommaymaintainaseparateregisterforthesharesenteredinsuchregisterandtheholdersofsharesshallbeenteredintooneoftheregistersandpromptlymadeknowntousforpurposesofregistrationintheshareholders'register(registre des actionnaires )heldbyusatourregisteredofficeinLuxembourg.Shareholdersmayelecttobeenteredintooneoftheseregistersandtotransfertheirsharestoanotherregistersomaintained.Entriesintheseregistersisreflectedintheshareholders'registermaintainedatourregisteredoffice.
Inaddition,ourarticlesofassociationalsoprovidethatourordinarysharesmaybeheldthroughasecuritiessettlementsystemoraprofessionaldepositoryofsecurities.Ordinarysharesheldinsuchmannerhavethesamerightsandobligationsasordinarysharesrecordedinourshareholders'register.Furthermore,ordinarysharesheldthroughasecuritiessettlementsystemoraprofessionaldepositoryofsecuritiesmaybetransferredinaccordancewithcustomaryproceduresforthetransferofsecuritiesinbook-entryform,thetransferbeingeffectiveuponnotificationtousandregistrationintheshareholders'register(registre desactionnaires )heldbyusatourregisteredofficeinLuxembourg.
Issuance of Shares
PursuanttotheLuxembourglawoncommercialcompaniesdatedAugust10,1915,asamended,whichwerefertoastheLuxembourgCorporateLaw,theissuanceofordinarysharesrequirestheamendmentofourarticlesofassociationbyapprovaloftherequisitetwo-thirdsmajorityofthevotesataquorateextraordinarygeneralshareholders'meeting(see"—GeneralMeetingofShareholders"and"—AmendmenttotheArticlesofAssociation").ThegeneralmeetingmaydetermineanauthorizedsharecapitalandauthorizetheboardofdirectorstoissueordinarysharesuptothemaximumamountofsuchauthorizedsharecapitalforamaximumperiodoffiveyearsasfromthedateofpublicationintheLuxembourgofficialgazette(Mémorial C, Recueil des Sociétés et Associations )oftheminutesoftherelevantgeneralmeeting.Thegeneralmeetingofshareholdersmayamend,reneworextendsuchauthorizedsharecapitalandsuchauthorizationtotheboardofdirectorstoissueshares.
Ourarticlesprovidethatnofractionalsharesshallbeissued.
Ourordinaryshareshavenoconversionrightsandtherearenoredemptionorsinkingfundprovisionsapplicabletoourordinaryshares.
Pre-Emptive Rights
Unlesslimited,waivedorcancelledbyourboardofdirectors,holdersofourordinaryshareshaveaproratapre-emptiverighttosubscribeforanynewsharesissuedforcashconsideration.Ourarticlesofassociationprovidethatpre-emptiverightscanbelimited,waivedorcancelledbyourboardofdirectorsforaperiodendingonthefifthanniversaryofthedateonwhichtheminutesoftheshareholders'meetingapprovingsuchauthorizationarepublishedintheLuxembourgOfficialGazette(Mémorial C, Recueil des Sociétés et Associations ),meaningJune11,2019,unlesssuchperiodisextended,amendedorrenewed,intheeventofanincreaseofthesharecapitalbytheboardofdirectorswithinthelimitsoftheauthorizedsharecapital.
Repurchase of Shares
Wecannotsubscribeforourownordinaryshares.
S-19
TableofContents
Wemay,however,repurchaseissuedordinarysharesorhaveanotherpersonrepurchaseissuedordinarysharesforouraccount,subjecttothefollowingconditions:
• priorauthorizationbyasimplemajorityvoteatanordinarygeneralmeetingofshareholders,whichauthorizationsetsforththetermsandconditionsoftheproposedrepurchaseandinparticularthemaximumnumberofordinarysharestoberepurchased,thedurationoftheperiodforwhichtheauthorizationisgiven(whichmaynotexceedfiveyears)and,inthecaseofrepurchaseforconsideration,theminimumandmaximumconsiderationpershare;
• therepurchasemaynotreduceournetassetsonanon-consolidatedbasistoalevelbelowtheaggregateoftheissuedandsubscribedsharecapitalandthereservesthatwemustmaintainpursuanttoLuxembourglaworourarticlesofassociation;and
• onlyfullypaid-upsharesmayberepurchased.
Thegeneralmeetingofshareholdersauthorizedtheboardofdirectorstorepurchaseupto10%oftheissuedsharecapital.Theauthorizationisvalidforaperiodendingontheearlierof5yearsfromthedateofthedecision(meaninguntilMay30,2019)orthedateofitsrenewalbyasubsequentgeneralmeetingofshareholders.Pursuanttosuchauthorization,theboardofdirectorsisauthorizedtoacquireandsellordinarysharesintheCompanyundertheconditionssetforthinArticle49-2oftheLuxembourgCorporateLaw.Suchpurchasesandsalesmaybecarriedoutforanyauthorizedpurposeoranypurposethatisauthorizedbythelawsandregulationsinforce.
Thepurchasepriceperordinarysharetobepaidshallnotrepresentmorethan$1,000andshallnotbelessthan$0.01.
Inaddition,pursuanttoLuxembourglaw,TrinseoS.A.maydirectlyorindirectlyrepurchaseordinarysharesbydecisionofourboardofdirectorswithoutthepriorapprovalofthegeneralmeetingofshareholdersifsuchrepurchaseisdeemedbytheboardofdirectorstobenecessarytopreventseriousandimminentharmtousoriftheacquisitionofshareshasbeenmadeinviewofthedistributionthereoftoemployees.
Capital Reduction
Ourarticlesofassociationprovidethatourissuedsharecapitalmaybereduced,subjecttotheapprovalorpriorauthorizationoftherequisitetwo-thirdsmajorityofthevotesataquorateextraordinarygeneralshareholders'meeting.
General Meeting of Shareholders
AnyregularlyconstitutedgeneralmeetingofshareholdersofTrinseoS.A.representstheentirebodyofshareholdersofTrinseoS.A.
Eachofourordinarysharesentitlestheholderthereoftoattendourgeneralmeetingofshareholders,eitherinpersonorbyproxy,toaddressthegeneralmeetingofshareholders,andtoexercisevotingrights,subjecttotheprovisionofourarticlesofassociation.Eachordinaryshareentitlestheholdertoonevoteatageneralmeetingofshareholders.Ourarticlesofassociationprovidethatourboardofdirectorsshalladoptallotherregulationsandrulesconcerningtheattendancetothegeneralmeeting,andavailabilityofaccesscards,proxyformsinordertoenableshareholderstoexercisetheirrighttovoteasitdeemsfit.
Ashareholdermayparticipateatanygeneralmeetingofshareholdersbyappointinganotherperson(whoneednotbeashareholder)ashisproxy,theappointmentofwhichshallbeinwriting.Ourarticlesofassociationprovidethatourboardofdirectorsmaydetermineadatebywhichweorouragentsmusthavereceiveddulycompletedproxyformsinorderforsuchformtobetakenintoaccountatthegeneralmeeting.
S-20
TableofContents
Whenconveningageneralmeetingofshareholders,wewillpublishanotice(whichmustbepublishedatleast30dayspriortothegeneralmeetingdate)intheMémorial C, Recueil des Sociétés et Associations ,andinaLuxembourgnewspaper.OurarticlesofassociationprovidethatnoticeoftheconveningofthegeneralmeetingofshareholderswillalsobeprovidedinaformofeasilyaccessiblemediawhichisreasonablybeexpectedtoberelieduponfortheeffectivedisseminationofinformationtothepublicandthroughouttheEuropeanEconomicArea.
Therightofashareholdertoparticipateinageneralmeetingofshareholdersandexercisevotingrightsisdeterminedbyreferencetothenumberofsharesheldbytheshareholderatmidnight(00:00)ontherecorddate,whichmaybethedayfalling14daysbeforethedateofthegeneralmeetingofshareholdersoranotherdaysetbyourboardofdirectorsandmentionedintheconveningnotice.Eachshareholdershall,onorbeforetherecorddate,indicatetousitsintentiontoparticipateinpersonatthegeneralmeetingofshareholders.TrinseoS.A.determinesthemannerinwhichthisdeclarationismade.Proofofthequalificationasashareholdermayonlybethosenecessarytoensuretheidentificationofshareholders.OurBoardmaydetermineanyotherconditionsthatmustbefulfilledbytheshareholdersforthemtotakepartinanygeneralmeetingofshareholdersinpersonorinproxy.
TheannualordinarygeneralmeetingofshareholdersofTrinseoS.A.isheldat2:00p.m.(CentralEuropeanTime)onthefirstMondayofJuneofeachyearattheregisteredofficeoftheCompanyorinanyotherplacewithinthemunicipalityoftheregisteredofficeoftheCompanyintheGrandDuchyofLuxembourg,asnoticedtotheshareholders,orabroad,iftheboardofdirectorsconsidersinitsabsoluteandfinaljudgment,thatexceptionalcircumstancessorequire.IfthatdayisnotabusinessdayinLuxembourg,themeetingwillbeheldonthenextfollowingbusinessday.
Luxembourglawprovidesthattheboardofdirectorsisobligedtoconveneageneralmeetingofshareholdersifshareholdersrepresenting,intheaggregate,10%oftheissuedsharecapitalsorequestinwritingwithanindicationofthemeetingagenda.Insuchcase,thegeneralmeetingofshareholdersmustbeheldwithinonemonthoftherequest.Iftherequestedgeneralmeetingofshareholdersisnotheldwithinonemonth,shareholdersrepresenting,intheaggregate,10%oftheissuedsharecapitalmaypetitionthecompetentpresidentofthedistrictcourtinLuxembourgtohaveacourtappointeeconvenethemeeting.Luxembourglawprovidesthatshareholdersrepresenting,intheaggregate,10%oftheissuedsharecapitalmayrequestthatadditionalitemsbeaddedtotheagendaofageneralmeetingofshareholders.ThatrequestmustbemadebyregisteredmailsenttotheregisteredofficeoftheCompanyatleastfivedaysbeforethegeneralmeetingofshareholders.
Voting Rights
Eachshareentitlestheholderthereoftoonevoteatageneralmeetingofshareholders.Luxembourglawdistinguishesordinaryresolutionsandextraordinaryresolutions.
Extraordinaryresolutionsrelatetoproposedamendmentstothearticlesofassociationandcertainotherlimitedmatters.Allotherresolutionsareordinaryresolutions.
Ordinary Resolutions
Pursuanttoourarticlesofassociation,foranyordinaryresolutionstobeconsideredatageneralmeeting,thequorumatsuchmeetingmustbeatleastfiftypercent(50%)oftheissuedsharecapitaloftheCompany(unlessotherwisemandatorilyrequiredbylaw)andsuchordinaryresolutionsshallbeadoptedbyasimplemajorityofvotesvalidlycastonsuchresolution.Abstentionsarenotconsidered"votes."
S-21
TableofContents
Extraordinary Resolutions
Extraordinaryresolutionsarerequiredforanyofthefollowingmatters,amongothers:(a)anincreaseordecreaseoftheauthorizedorissuedcapital,(b)alimitationorexclusionofpreemptiverights,(c)approvalofastatutorymergerorde-merger(scission),(d)dissolutionandliquidationofTrinseoS.A.and(e)anyandallamendmentstoourarticlesofassociation.Pursuanttoourarticlesofassociation,foranyextraordinaryresolutionstobeconsideredatageneralmeetingthequorumshallbeatleastone-half(50%)oftheissuedsharecapitaloftheCompanyunlessotherwisemandatorilyrequiredbylaw.Ifthesaidquorumisnotpresent,asecondmeetingmaybeconvenedatwhichthequorumshallbeatleastfiftypercent(50%)oftheissuedsharecapitaloftheCompany(unlessotherwisemandatorilyrequiredbyLuxembourglaw).Anyextraordinaryresolutionshallbeadoptedataquorategeneralmeeting(saveasotherwiseprovidedbymandatorylaw)atleasttwo-thirds(2/3)majorityofthevotesvalidlycastonsuchresolution.Abstentionsarenotconsideredvotes.
Appointment and Removal of Directors
Membersofourboardofdirectorsmaybeelectedbyordinaryresolutionatageneralmeetingofshareholdersatasimplemajorityvoteofshareholders.Ourarticlesofassociationprovidethatalldirectorsareelectedforaperiodofthreeyears,withtheboarddividedintothreeclassesofapproximatelyequalsize.Attheannualgeneralmeetingofshareholders,oneclassperyearwillbeelected.Anydirectormayberemovedwithorwithoutcausebyordinaryresolutionatageneralmeetingofshareholders.Ourarticlesofassociationprovidethatincaseofavacancy,theotherdirectorsshallfillsuchvacancyonaprovisionalbasis,until(i)thedecisionisratifiedor(ii)anewdirectoriselected,byanordinaryresolutionofthenextgeneralmeetingofshareholders.Thedirectorsshallbeeligibleforre-electionindefinitely.
NeitherLuxembourglawnorourarticlesofassociationcontainanyrestrictionsastothevotingofoursharesbynon-Luxembourgresidents.
Amendment to the Articles of Association
Shareholder Approval Requirements
Luxembourglawrequiresthatanamendmentofthearticlesofassociationbemadebyextraordinaryresolution,suchdecisionbeingtakenwithaqualifiedmajorityofvotes.Theagendaofthegeneralmeetingofshareholdersmustindicatetheproposedamendmentstothearticlesofassociation.
Formalities
AnyresolutionstoamendourarticlesofassociationmustbetakenbeforeaLuxembourgnotaryandsuchamendmentsmustbepublishedinaccordancewithLuxembourglaw.
Merger and De-Merger
Amergerorde-mergerbyabsorptionwherebyoneLuxembourgcompanyafteritsdissolutionwithoutliquidationtransferstoanothercompanyallofitsassetsandliabilitiesinexchangefortheissuanceofsharesintheacquiringcompanytotheshareholdersofthecompanybeingacquired,oramergerorde-mergereffectedbytransferofassetstoanewlyincorporatedcompany,must,inprinciple,beapprovedatageneralmeetingbyanextraordinaryresolutionoftheLuxembourgcompany,andthegeneralmeetingmustbeheldbeforeanotary.
S-22
TableofContents
Dissolution and Liquidation
Intheeventofourdissolution,liquidation,orwinding-uptheassetsremainingafterallowingforthepaymentofallliabilitiesofthecompanywillbepaidouttotheshareholdersprorataaccordingtotheirrespectiveshareholdings.Generallythedecisionstodissolve,liquidate,orwind-uprequirethepassingofanextraordinaryresolutionatageneralmeetingofourshareholders,andsuchmeetingmustbeheldbeforeanotary.ShareholdersofaLuxembourgpubliclimitedliabilitycompanyhavetheirliabilitylimitedtothecapitalcontributioninrespectofthesharestheysubscribedandpaidorcommittedtopayfor.However,distributionofdividendsbytheCompanymaynotresultinareductionoftheCompany'snetassetvaluebelowtheamountofitscapital.
No Appraisal Rights
NeitherLuxembourglawnorourarticlesofassociationprovideforanyappraisalrightsofdissentingshareholders.
Dividend Distributions
SubjecttoLuxembourglaw,ifandwhenadividenddistributionisdeclaredbythegeneralmeetingofshareholdersortheboardofdirectorsinthecaseofinterimdividenddistributions,eachordinaryshareisentitledtoparticipateequallyinsuchdistributionoffundslegallyavailableforsuchpurposes.Pursuanttoourarticlesofassociation,thegeneralmeetingofshareholdersmayapproveadividenddistributionandtheboardofdirectorsmaydeclareaninterimdividenddistribution,totheextentpermittedbyLuxembourglaw.
Declaredandunpaiddividenddistributionsheldbyusfortheaccountoftheshareholdersshallnotbearinterest.UnderLuxembourglaw,claimsforunpaiddividenddistributionswilllapseinourfavorfiveyearsafterthedatesuchdividenddistributionwasdeclared.
Annual Accounts
UnderLuxembourglaw,theboardofdirectorsmustprepareunconsolidatedannualaccounts,i.e.,aninventoryoftheassetsandliabilitiesofTrinseoS.A.togetherwithabalancesheetandaprofitandlossaccounteachyear.Ourboardofdirectorsmustalsoannuallyprepareconsolidatedaccountsandmanagementreportsontheunconsolidatedannualaccountsandconsolidatedaccounts.Theunconsolidatedannualaccounts,theconsolidatedaccounts,themanagementreportandtheauditor'sreportsmustbeavailableforinspectionbyshareholdersuponrequestandfreeofcharge,atourregisteredofficeatleast15calendardayspriortothedateoftheannualordinarygeneralmeetingofshareholders.
Theunconsolidatedannualaccountsandtheconsolidatedaccounts,afterapprovalbytheannualordinarygeneralmeetingofshareholders,willbefiledwiththeLuxembourgRegistryofTradeandCompanies.
Information Rights
Luxembourglawgivesshareholderslimitedrightstoinspectcertaincorporaterecords15calendardayspriortothedateoftheannualordinarygeneralmeetingofshareholders,includingtheunconsolidatedannualaccountswiththelistofdirectorsandauditors,theconsolidatedaccounts,thenotestotheannualaccountsandtheconsolidatedaccounts,alistofshareholderswhosesharesarenotfullypaid-up,themanagementreportsandtheauditor'sreport.
Inaddition,anyregisteredshareholderisentitledtoreceiveacopyoftheunconsolidatedannualaccounts,theconsolidatedaccounts,theauditor'sreportsandthemanagementreportsfreeofchargepriortothedateoftheannualordinarygeneralmeetingofshareholders.
S-23
TableofContents
UnderLuxembourglaw,itisgenerallyacceptedthatashareholderhastherighttoreceiveresponsesattheshareholders'generalmeetingtoquestionsconcerningitemsontheagendaofthatgeneralmeetingofshareholders,ifsuchresponsesarenecessaryorusefulforashareholdertomakeaninformeddecisionconcerningsuchagendaitem,unlessaresponsetosuchquestionscouldbedetrimentaltoourinterests.
Board of Directors
ThemanagementofTrinseoS.A.isvestedinaboardofdirectors(conseil d'administration ).Ourarticlesofassociationprovidethattheboardofdirectorsmustcompriseatleastthreemembersandnomorethantwelvemembers.
TheboardofdirectorsmeetsasoftenasCompanyinterestsrequire.
Amajorityofthemembersoftheboardpresentorrepresentedataboardmeetingconstitutesaquorum,andresolutionsareadoptedbythesimplemajorityvoteoftheboardmemberspresentorrepresented.Theboardmayalsotakedecisionsbymeansofresolutionsinwritingsignedbyalldirectors.Eachdirectorhasonevote.Thegeneralshareholders'meetingelectsdirectorsanddecidestheirrespectiveterms.Pursuanttoourarticlesofassociation,thetermofofficeofthedirectorsis3yearsbuttheymaybere-elected.Thegeneralshareholders'meetingmaydismissoneormoredirectorsatanytime,withorwithoutcausebyanordinaryresolution.Iftheboardhasavacancy,theremainingdirectorsmustfillsuchvacancyonatemporarybasispursuanttotheaffirmativevoteofamajorityoftheremainingdirectors.Thetermofatemporarydirectorelectedtofillavacancyexpiresattheendofthetermofofficeofthereplaceddirector,provided,however,thatthenextgeneralshareholders'meetingshallberequesteddefinitivelytoelectanytemporarydirector.
Withinthelimitsprovidedforbylaw,ourboardmaydelegatetooneormorepersonsthedailymanagementoftheCompanyandtheauthoritytorepresenttheCompany.
Nodirectorshall,solelyasaresultofbeingadirector,bepreventedfromcontractingwithus,eitherwithregardtohistenureinanyofficeorplaceofprofitorasvendor,purchaserorinanyothermannerwhatsoever,norshallanycontractinwhichanydirectorisinanywayinterestedbeliabletobevoidedmerelyonaccountofhispositionasdirector,norshallanydirectorwhoissointerestedbeliabletoaccounttousortheshareholdersforanyremuneration,profitorotherbenefitrealizedbythecontractbyreasonofthedirectorholdingthatofficeorofthefiduciaryrelationshiptherebyestablished.
Anydirectorhavinganinterestinatransactionsubmittedforapprovaltotheboardmayparticipateinthedeliberationsandvotethereon,unlessthetransactionisnotintheordinarycourseoftheCompany'sbusinessandthatconflictswiththeCompany'sinterest,inwhichcasethedirectorshallbeobligedtoadvisetheboardthereofpriortothevoteandtocausearecordofhisstatementtobeincludedintheminutesofthemeeting.Hemaynottakepartinthesedeliberationsnorvoteonsuchatransaction.Atthenextgeneralmeeting,beforeanyotherresolutionisputtoavote,aspecialreportshallbemadeonanytransactionsinwhichanyofthedirectorsmayhavehadaninterestthatconflictswithourinterest.
NoshareholdingqualificationfordirectorsisrequiredunderLuxembourglaw.
Ourarticlesofassociationprovidethatdirectorsandofficers,pastandpresent,areentitledtoindemnificationfromustothefullestextentpermittedbyLuxemburglawagainstliabilityandallexpensesreasonablyincurredorpaidbyhiminconnectionwithanyclaim,action,suitorproceedinginwhichheisinvolvedbyvirtueofhisbeingorhavingbeenadirectororofficerandagainstamountspaidorincurredbyhiminthesettlementthereof.Wemaypurchaseandmaintaininsuranceforanydirectororotherofficeragainstanysuchliability.
S-24
TableofContents
Noindemnificationwillbeprovidedagainstanyliabilitytousorourshareholdersbyreasonofwillfulmisfeasance,badfaith,grossnegligenceorrecklessdisregardofthedutiesofadirectororofficeroranymatterastowhichanydirectororofficershallhavebeenfinallyadjudicatedtohaveactedinbadfaithandnotintheinterestoftheCompany.
Transfer Agent and Registrar
ThetransferagentandregistrarforourordinarysharesisAmericanStockTransferandTrustCompany,LLC.
S-25
TableofContents
MATERIAL UNITED STATES FEDERAL INCOME AND LUXEMBOURG TAX CONSIDERATIONS
United States Federal Income Tax Considerations
Subjecttothelimitationsandqualificationsstatedherein,thisdiscussionsetsforththematerialU.S.federalincometaxconsequencesoftheownershipanddispositionbyU.S.Holders(asdefinedbelow)oftheordinaryshares.ThediscussionisbasedontheU.S.InternalRevenueCodeof1986,asamended,itslegislativehistory,existingandproposedregulationsthereunder,publishedrulingsandcourtdecisions,allascurrentlyineffectandallsubjecttochangeatanytime,possiblywithretroactiveeffect.ThissummaryappliesonlytoU.S.Holdersanddoesnotaddresstaxconsequencestoanon-U.S.Holderinvestinginourordinaryshares.
ThediscussionoftheU.S.Holders'taxconsequencesaddressesonlythoseU.S.Holdersthatacquiretheirordinarysharesinthisofferingandthatholdthoseordinarysharesascapitalassetsanddoesnotaddressthetaxconsequencestoanyspecialclassofholders,includingwithoutlimitation,holders(directly,indirectlyorconstructively)of10%ormoreofourshares,dealersinsecuritiesorcurrencies,banks,tax-exemptorganizations,lifeinsurancecompanies,financialinstitutions,broker-dealers,regulatedinvestmentcompanies,realestateinvestmenttrusts,tradersinsecuritiesthatelectthemark-to-marketmethodofaccountingfortheirsecuritiesholdings,personsthatholdsecuritiesthatareahedgeorthatarehedgedagainstcurrencyorinterestraterisksorthatarepartofastraddle,conversionor"integrated"transaction,U.S.expatriates,partnershipsorotherentitiesclassifiedaspartnershipsforU.S.federalincometaxpurposesandU.S.HolderswhosefunctionalcurrencyforU.S.federalincometaxpurposesisnottheU.S.dollar.ThisdiscussiondoesnotaddresstheeffectoftheU.S.federalalternativeminimumtax,orU.S.federalestateandgifttax,oranystate,localorforeigntaxlawsonaholderofordinaryshares.
Forpurposesofthisdiscussion,a"U.S.Holder"isabeneficialownerofordinarysharesthatisforU.S.federalincometaxpurposes:(a)anindividualwhoisacitizenorresidentoftheU.S.;(b)acorporation(orotherentitytaxableasacorporationforU.S.federalincometaxpurposes)createdororganizedinorunderthelawsoftheU.S.,anystatethereofortheDistrictofColumbia;(c)anestatetheincomeofwhichissubjecttoU.S.federalincometaxationregardlessofitssource;or(d)atrust(i)ifacourtwithintheU.S.canexerciseprimarysupervisionoveritsadministration,andoneormoreU.S.personshavetheauthoritytocontrolallofthesubstantialdecisionsofthattrust,or(ii)thatwasinexistenceonAugust20,1996andvalidlyelectedunderapplicableTreasuryRegulationstocontinuetobetreatedasadomestictrust.Theterm"non-U.S.Holder"meansanybeneficialownerofourordinarysharesthatisnotaU.S.Holder,apartnership(oranentityorarrangementthatistreatedasapartnershipforU.S.federalincometaxpurposes)orapersonholdingourordinarysharesthroughapartnership.
IfapartnershiporanentityorarrangementthatistreatedasapartnershipforU.S.federalincometaxpurposesholdsourordinaryshares,thetaxtreatmentofapartnerwillgenerallydependuponthestatusofthepartnerandtheactivitiesofthepartnership.Partnersinpartnershipsthatholdourordinarysharesshouldconsulttheirowntaxadvisors.
You are Urged to Consult Your Own Independent Tax Advisor Regarding the Specific U.S. Federal, State, Local and Foreign Income and Other TaxConsiderations Relating to the Ownership and Disposition of Our Ordinary Shares.
Cash Dividends and Other Distributions
Asdescribedinthesectionentitled"DividendPolicy,"wehavenothistoricallymadedistributionsonourordinaryshares.Totheextentthereareanydistributionsmadewithrespecttoourordinaryshares,subjecttothepassiveforeigninvestmentcompany,or"PFIC,"rulesdiscussedbelow,aU.S.Holderofordinarysharesgenerallywillberequiredtotreatdistributionsreceivedwithrespecttosuch
S-26
TableofContents
ordinaryshares(includinganyamountswithheldpursuanttoLuxembourgtaxlaw)asdividendincometotheextentofourcurrentoraccumulatedearningsandprofits(computedusingU.S.federalincometaxprinciples),withtheexcess(ifany)treatedasanon-taxablereturnofcapitaltotheextentoftheholder'sadjustedtaxbasisintheordinarysharesand,thereafter,ascapitalgain.However,wedonotmaintaincalculationsofourearningsandprofitsinaccordancewithU.S.federalincometaxaccountingprinciples.U.S.Holdersshouldthereforeassumethatanydistributionwithrespecttoourordinaryshareswillconstituteordinarydividendincome.DividendspaidontheordinaryshareswillnotbeeligibleforthedividendsreceiveddeductionallowedtoU.S.corporations.
DividendspaidtoanoncorporateU.S.Holderbya"qualifiedforeigncorporation"maybesubjecttoreducedratesoftaxationifcertainholdingperiodandotherrequirementsaremet.Aqualifiedforeigncorporationgenerallyincludesaforeigncorporation(otherthanaPFIC)if(i)itsordinarysharesarereadilytradableonanestablishedsecuritiesmarketintheUnitedStatesor(ii)itiseligibleforbenefitsunderacomprehensiveU.S.incometaxtreatythatincludesanexchangeofinformationprogram.OurordinarysharesarereadilytradableontheNewYorkStockExchange.U.S.InternalRevenueService("IRS")guidanceindicatesthatordinaryshareslistedontheNewYorkStockExchangewillbereadilytradableforpurposesofsatisfyingtheconditionsrequiredforthesereducedtaxrates.U.S.Holdersshouldconsulttheirowntaxadvisorsregardingtheavailabilityofthereducedtaxrateondividendsinlightoftheirparticularcircumstances.
DistributionspaidinacurrencyotherthanU.S.dollarswillbeincludedinaU.S.Holder'sgrossincomeinaU.S.dollaramountbasedonthespotexchangerateineffectonthedateofactualorconstructivereceipt,whetherornotthepaymentisconvertedintoU.S.dollarsatthattime.TheU.S.HolderwillhaveataxbasisinsuchcurrencyequaltosuchU.S.dollaramount,andanygainorlossrecognizeduponasubsequentsaleorconversionoftheforeigncurrencyforadifferentU.S.dollaramountwillbeU.S.sourceordinaryincomeorloss.IfthedividendisconvertedintoU.S.dollarsonthedateofreceipt,aU.S.Holdergenerallyshouldnotberequiredtorecognizeforeigncurrencygainorlossinrespectofthedividendincome.
AU.S.Holderthatpays(whetherdirectlyorthroughwithholding)LuxembourgincometaxwithrespecttodividendspaidonourordinarysharesmaybeentitledtoreceiveeitheradeductionoraforeigntaxcreditforsuchLuxembourgincometaxpaid,ormaybeentitledtoareducedrateofwithholdingundertheapplicableincometaxconventionbetweenLuxembourgandtheUnitedStates,asdescribedbelowunder"LuxembourgTaxConsiderations—WithholdingTaxonDividends."AU.S.HolderthatreceivesdividendsfromwhichLuxembourgincometaxhasbeenwithheldwillberequiredtoincludethegrossamountofthedividendinincome,whichamountmayexceedtheamountofcashreceived.Complexlimitationsapplytotheforeigntaxcredit,includingthegenerallimitationthatthecreditcannotexceedtheproportionateshareofaU.S.Holder'sU.S.federalincometaxliabilitythatsuchU.S.Holder's"foreignsource"taxableincomebearstosuchU.S.Holder'sworldwidetaxableincome.Inapplyingthislimitation,aU.S.Holder'svariousitemsofincomeanddeductionmustbeclassified,undercomplexrules,aseither"foreignsource"or"U.S.source."Inaddition,thislimitationiscalculatedseparatelywithrespecttospecificcategoriesofincome.Dividendspaidbyusgenerallywillconstitute"foreignsource"incomeandgenerallywillbecategorizedas"passivecategoryincome."However,if50%ormoreofourstockistreatedasheldbyU.S.persons,wewillbetreatedasa"UnitedStates-ownedforeigncorporation,"inwhichcasedividendsmaybetreatedforforeigntaxcreditlimitationpurposesas"foreignsource"incometotheextentattributabletoournon-U.S.sourceearningsandprofitsandas"U.S.source"incometotheextentattributabletoourU.S.sourceearningsandprofits.Becausetheforeigntaxcreditrulesarecomplex,eachU.S.Holdershouldconsultitsowntaxadvisorregardingtheforeigntaxcreditrules.
S-27
TableofContents
Sale or Disposition of Ordinary Shares
AU.S.HoldergenerallywillrecognizegainorlossonthetaxablesaleorexchangeoftheordinarysharesinanamountequaltothedifferencebetweentheU.S.dollaramountrealizedonsuchsaleorexchange(determinedinthecaseofsharessoldorexchangedforcurrenciesotherthanU.S.dollarsbyreferencetothespotexchangerateineffectonthedateofthesaleorexchangeor,iftheordinarysharessoldorexchangedaretradedonanestablishedsecuritiesmarketandtheU.S.Holderisacashbasistaxpayeroranelectingaccrualbasistaxpayer,thespotexchangerateineffectonthesettlementdate)andtheU.S.Holder'sadjustedtaxbasisintheordinarysharesdeterminedinU.S.dollars.TheinitialtaxbasisoftheordinarysharestoaU.S.HolderwillbetheU.S.Holder'sU.S.dollarpurchasepricefortheshares(determinedbyreferencetothespotexchangerateineffectonthedateofthepurchase,orifthesharespurchasedaretradedonanestablishedsecuritiesmarketandtheU.S.Holderisacashbasistaxpayeroranelectingaccrualbasistaxpayer,thespotexchangerateineffectonthesettlementdate).
AssumingwearenotaPFICandhavenotbeentreatedasaPFICduringyourholdingperiodforourordinaryshares,suchgainorlosswillbecapitalgainorlossandwillbelong-termgainorlossiftheordinaryshareshavebeenheldformorethanoneyear.Undercurrentlaw,long-termcapitalgainsgenerallyareeligibleforreducedratesoftaxation.Thedeductibilityofcapitallossesissubjecttolimitations.Capitalgainorloss,ifany,recognizedbyaU.S.HoldergenerallywillbetreatedasU.S.sourceincomeorlossforU.S.foreigntaxcreditpurposes.U.S.HoldersareencouragedtoconsulttheirowntaxadvisorsregardingtheavailabilityoftheU.S.foreigntaxcreditintheirparticularcircumstances.
Medicare Contribution Tax
Inadditiontothetaxconsequencesdescribedaboveunder"CashDividendsandOtherDistributions"and"SaleorDispositionofOrdinaryShares,"certainU.S.Holdersthatareindividuals,estatesortrustsaresubjecttoanadditional3.8%Medicarecontributiontaxonthelesserof(1)theU.S.Holder's"netinvestmentincome"fortherelevanttaxableyearand(2)theexcessoftheU.S.Holder'smodifiedadjustedgrossincomeforthetaxableyearoveracertainthreshold.Forthesepurposes,"netinvestmentincome"includes,amongotherthings,dividendson,andcapitalgainsfromthesaleorotherdispositionof,stock.U.S.Holdersareadvisedtoconsulttheirowntaxadvisorsregardingthepossibleimplicationsofthisadditionaltaxinlightoftheirparticularcircumstances.
Potential Application of Passive Foreign Investment Company Provisions
WedonotcurrentlyexpecttobetreatedasaPFICforU.S.federalincometaxpurposeswithrespecttoourtaxableyearendingDecember31,2016,andwedonotexpecttobetreatedasaPFICinthefuture.However,ouractualPFICstatusforanytaxableyearwillnotbedeterminableuntilthecloseofsuchyear,and,accordingly,thereisnoguaranteethatwewillnotbeaPFICforthecurrentoranyfuturetaxableyear.Anon-U.S.corporationisconsideredtobeaPFICforanytaxableyearifeither:
• atleast75%ofitsgrossincomeispassiveincome(the"incometest");or
• atleast50%ofthevalueofitsassets(basedonanaverageofthequarterlyvaluesoftheassetsduringataxableyear)isattributabletoassetsthatproduceorareheldfortheproductionofpassiveincome(the"assettest").
Forpurposesoftheabovetests,wewillbetreatedasowningourproportionateshareoftheassetsandearningourproportionateshareoftheincomeofanyothercorporationinwhichweown,directlyorindirectly,25%ormore(byvalue)ofthecorporation'sstock.Subjecttovariousexceptions,passive
S-28
TableofContents
incomegenerallyincludesdividends,interest,rents,royaltiesandgainsfromthedispositionofassetsthatproduceorareheldfortheproductionofpassiveincome.
WemustmakeaseparatedeterminationeachyearastowhetherweareaPFIC.ThedeterminationofwhetherweareaPFICismadeannuallyanddependsontheparticularfactsandcircumstances(suchasthevaluationofourassets,includinggoodwillandotherintangibleassets)andalsomaybeaffectedbytheapplicationofthePFICrules,whicharesubjecttodifferinginterpretations.Thefairmarketvalueofourassetsisexpectedtodepend,inpart,upon(a)themarketpriceofourordinaryshares,whichislikelytofluctuate,and(b)thecompositionofourincomeandassets,whichwillbeaffectedbyhow,andhowquickly,wespendanycashthatisraisedinanyfinancingtransaction.Asaresult,ourPFICstatusmaychange.IfweareaPFICforanytaxableyearduringwhichaU.S.Holderholdsordinaryshares,wegenerallywillcontinuetobetreatedasaPFICforallsucceedingyearsduringwhichsuchU.S.Holderholdstheordinaryshares.However,ifweceasetobeaPFIC,aU.S.HoldermayavoidsomeoftheadverseeffectsofthePFICregimethereafterbymakinga"deemedsale"electionwithrespecttotheordinaryshares.
IfweareorbecomeaPFICinataxableyearinwhichwepayadividendorthepriortaxableyear,thereduceddividendratediscussedabovewithrespecttodividendspaidtonon-corporateholderswouldnotapply.Inaddition,ifweareaPFICforanytaxableyearduringwhichaU.S.Holderholdsordinaryshares,theU.S.Holderwillbesubjecttospecialtaxruleswithrespecttoany"excessdistribution"thattheU.S.HolderreceivesandanygaintheU.S.Holderrealizesfromasaleorotherdisposition(includingapledgeoradeemeddisposition)oftheordinaryshares,unlesstheU.S.Holdermakesa"mark-to-market"electionasdiscussedbelow.DistributionstheU.S.Holderreceivesinataxableyearthataregreaterthan125%oftheaverageannualdistributionstheU.S.HolderreceivedduringtheshorterofthethreeprecedingtaxableyearsortheU.S.Holder'sholdingperiodfortheordinaryshareswillbetreatedasexcessdistributions.Underthesespecialtaxrules:
• theexcessdistributionorgainfromasaleorotherdispositionwillbeallocatedratablyovertheU.S.Holder'sholdingperiodfortheordinaryshares;
• theamountallocatedtothecurrenttaxableyear,andanytaxableyearpriortothefirsttaxableyearinwhichtheCompanybecameaPFIC,willbetreatedasordinaryincome;and
• theamountallocatedtoeachotheryearwillbesubjecttothehighestapplicabletaxrateineffectfortheapplicablecategoryoftaxpayerforthattaxableyearandtheinterestchargegenerallyapplicabletounderpaymentsoftaxwillbeimposedontheresultingtaxattributabletoeachsuchyear.AU.S.Holderthatisnotacorporationwillberequiredtotreatanysuchinterestas"personalinterest,"whichisnotdeductible.
Thetaxliabilityforamountsallocatedtoyearspriortotheyearofdispositionor"excessdistribution"cannotbeoffsetbyanynetoperatinglossesforsuchyears,andgains(butnotlosses)realizedonthesaleoftheordinarysharescannotbetreatedascapital,evenifyouholdtheordinarysharesascapitalassets.Specialforeigntaxcreditrulesapplywithrespecttoexcessdistributions.Pleaseconsultyourowntaxadvisorwithrespecttosuchrules.
IfweareaPFICforanytaxableyearduringwhichaU.S.Holderholdsoursharesandanyofournon-U.S.subsidiariesisalsoaPFIC,aU.S.Holderwouldbetreatedasowningaproportionateamount(byvalue)ofthesharesofthelower-tierPFICforpurposesoftheapplicationoftheserules.Underthesecircumstances,aU.S.HolderwouldbesubjecttoU.S.federalincometaxon(i)adistributiononthesharesofalower-tierPFICand(ii)adispositionofsharesofalower-tierPFIC,bothasifsuchU.S.Holderdirectlyheldthesharesofsuchlower-tierPFIC.YouareurgedtoconsultyourowntaxadvisorsabouttheapplicationofthePFICrulestoanyofoursubsidiaries.
S-29
TableofContents
Alternatively,incertaincircumstances,aU.S.Holderof"marketablestock"(asdefinedbelow)ofaPFICmaymakeamark-to-marketelectionwithrespecttosuchstocktoelectoutoftheexcessdistributionregimediscussedabove.IfaU.S.Holdermakesavalidmark-to-marketelectionfortheordinarysharestheU.S.Holderwillincludeinincomeeachyearanamountequaltotheexcess,ifany,ofthefairmarketvalueoftheordinarysharesasofthecloseoftheU.S.Holder'staxableyearovertheU.S.Holder'sadjustedbasisinsuchordinaryshares.AU.S.Holderisallowedadeductionfortheexcess,ifany,oftheadjustedbasisoftheordinarysharesovertheirfairmarketvalueasofthecloseofthetaxableyear.However,deductionsareallowableonlytotheextentofanynetmark-to-marketgainsontheordinarysharesincludedinyourincomeforpriortaxableyears.AmountsincludedintheU.S.Holder'sincomeunderamark-to-marketelection,aswellasgainontheactualsaleorotherdispositionoftheordinaryshares,aretreatedasordinaryincome.Ordinarylosstreatmentalsoappliestothedeductibleportionofanymark-to-marketlossontheordinaryshares,aswellastoanylossrealizedontheactualsaleordispositionoftheordinaryshares,totheextentthattheamountofsuchlossdoesnotexceedthenetmark-to-marketgainspreviouslyincludedforsuchordinaryshares.TheU.S.Holder'sbasisintheordinaryshareswillbeadjustedtoreflectanysuchincomeorlossamounts.IfaU.S.Holdermakessuchanelection,thetaxrulesthatapplytodistributionsbycorporationsthatarenotPFICswouldapplytodistributionsbyus,exceptthatthereducedratediscussedaboveunder"—CashDividendsandOtherDistributions"wouldnotapply.IfaU.S.Holdermakesamark-to-marketelection,itwillbeeffectiveforthetaxableyearforwhichtheelectionismadeandallsubsequenttaxableyearsunlesstheordinarysharesarenolonger"marketablestock"(asdefinedbelow)ortheIRSconsentstotherevocationoftheelection.Amark-to-marketelectionwouldnotbeavailablewithrespecttoasubsidiaryPFICofoursthataU.S.HolderisdeemedtoownforthepurposesofthePFICrules;accordingly,aU.S.HolderwouldnotbeabletomitigatecertainoftheadverseU.S."excessdistribution"federalincometaxconsequencesofitsdeemedownershipofstockinoursubsidiaryPFICsbymakingamark-to-marketelection.U.S.Holdersareurgedtoconsulttheirowntaxadvisorsabouttheavailabilityofthemark-to-marketelectionandwhethermakingtheelectionwouldbeadvisableintheirparticularcircumstances.
Asdescribedabove,themark-to-marketelectionisavailableonlyfor"marketablestock,"whichisstockthatistradedinotherthandeminimisquantitiesonatleast15daysduringeachcalendarquarter("regularlytraded")onaqualifiedexchangeorothermarket,asdefinedinapplicableU.S.Treasuryregulations.TheNewYorkStockExchangeisaqualifiedexchange.Pleaseconsultyourowntaxadvisorwithrespecttosuchrules.
U.S.HolderswhoholdordinarysharesinanyyearinwhichweareaPFICwillberequiredtofileIRSForm8621regardinganydistributionsreceivedontheordinarysharesandanygainrealizedonthedispositionofsuchsharesandanannualinformationreturn(alsoonIRSForm8621)relatingtotheirownershipofourordinaryshares.Inaddition,otherreportingrequirementsmayapply.
Incertaincircumstances,holdersofPFICsharescanavoidtherulesdescribedabovebyelectingtotreatthePFICasa"qualifiedelectingfund"underSection1295oftheCode.However,becausewedonotintendtoprepareorprovidetheinformationthatwouldenableaU.S.Holdertomakeaqualifiedelectingfundelection,thisoptionwillnotbeavailabletoU.S.Holders.
YouareurgedtoconsultyourowntaxadvisorregardingtheapplicationofthePFICrulestoyourinvestmentinourordinaryshares.
Reporting Requirements and Backup Withholding
InformationreportingtotheIRSgenerallywillberequiredwithrespecttopaymentsontheordinarysharesandproceedsofthesaleoftheordinarysharespaidwithintheUnitedStatesorthroughcertainU.S.-relatedfinancialintermediariestoholdersthatareU.S.taxpayers,otherthanexemptrecipients.A"backup"withholdingtaxmayapplytothosepaymentsifsuchaholderfailsto
S-30
TableofContents
provideataxpayeridentificationnumbertothepayingagentandtocertifythatnolossofexemptionfrombackupwithholdinghasoccurred(orifsuchholderotherwisefailstoestablishanexemption).Weortheapplicablepayingagentwillwithholdonadistributionifrequiredbyapplicablelaw.Theamountswithheldunderthebackupwithholdingrulesarenotanadditionaltaxandmayberefunded,orcreditedagainsttheholder'sU.S.federalincometaxliability,ifany,providedtherequiredinformationistimelyfurnishedtotheIRS.
U.S.Holdersthatowncertain"foreignfinancialassets"(whichmayincludetheordinaryshares)arerequiredtoreportinformationrelatingtosuchassets,subjecttocertainexceptions,onIRSForm8938.Inadditiontotheserequirements,U.S.HoldersmayberequiredtoannuallyfileFinCENReport114,ReportofForeignBankandFinancialAccounts("FBAR")withtheU.S.DepartmentofTreasury.U.S.HoldersshouldconsulttheirowntaxadvisorsregardingtheapplicabilityofFBARandotherreportingrequirementsinlightoftheirindividualcircumstances.
THE ABOVE DISCUSSION DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PARTICULAR INVESTOR.YOU ARE STRONGLY URGED TO CONSULT YOUR OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO YOU OF ANINVESTMENT IN THE ORDINARY SHARES.
Luxembourg Tax Considerations
The following is a general overview of certain important Luxembourg tax consequences that may be or become relevant in relation to a shareholder only andis presented by way of guidance only. It does not purport to be a complete summary of tax law and practice currently applicable in Luxembourg. Any potentialinvestor should consult its own tax advisor for more information about the tax consequences of acquiring, owning and disposing of the shares as it relates to theshareholder's particular circumstances. This taxation overview does not discuss every aspect of taxation that may be relevant to a particular purchaser underspecial circumstances or who is subject to special treatment under applicable law. This overview is based on Luxembourg tax law in force and applied inLuxembourg at the date of this prospectus. The laws upon which this overview is based may change. Any such changes could apply with retroactive effect andcould affect the continued validity of this overview.
Preliminary Consideration on the Luxembourg Tax Residency of the Company's Shareholders
Ashareholderwillnotbecomearesident,norbedeemedtobearesident,ofLuxembourg,bymerelyholdingtheshares,orbytheexecution,performance,deliveryand/orenforcementoftheshares.
Withholding Tax on Dividends
Totheextentthereareanydividendspaidwithrespecttoourordinaryshares,thesedividendsarenormallysubjecttowithholdingtaxinLuxembourgatthedomesticrateof15%,unless(i)thereducedwithholdingtaxratesasprovidedforbyrelevantdoubletaxationtreatiesapplyor,(ii)theconditionstobenefitfromtheexemptionofwithholdingtaxsetoutunderarticle147LuxembourgincometaxlawofDecember4,1967("LITL")aremet:
• onthedatethedistributionismadeavailabletoashareholder,therelevantshareholderholdsorcommitstoholddirectlyorthroughataxtransparentvehicle,duringanuninterruptedperiodofatleast12months,aparticipation(a)representingatleast10%ofthesharecapitaloftheCompany,or(b)havinganacquisitioncostofatleast€1.2million;and
• thebeneficiaryofthedividendsis:
• acompany("société à caractère collectif ")residentinLuxembourgfullyliabletoLuxembourgtax;
S-31
TableofContents
• anEUresidentcompanywithinthemeaningofarticle2oftheEUCouncilDirective90/435/ECofJuly23,1990concerningthecommonfiscalregimeapplicabletoparentandsubsidiarycompaniesofdifferentmemberstates("theParent-SubsidiaryDirective",tobereadwiththeCircularL.I.R.No.147/1ofMarch6,2012)oritsLuxembourgpermanentestablishment;or
• aSwisscorporationwhichisliabletoSwisscorporatetaxwithoutbenefitingfromanexemption;
• acompanysubjecttoanincometaxationcomparabletotheLuxembourgcorporateincometax(inpracticeataxrateof10.5%appliedonacomparabletaxablebasisshouldbeacceptable),whichisresidentinacountryhavingadoubletaxationtreatywithLuxembourgoritsLuxembourgpermanentestablishment;
• acorporationoracooperativecompanyresidentinanon-EuropeanUnioncountrythatismemberoftheEEAthatisfullysubjecttoanincometaxationcorrespondingtotheLuxembourgcorporateincometax;or
• apermanentestablishmentofacorporationoracooperativecompanyresidentinanon-EuropeanUnioncountrymemberoftheEEA.
Withrespecttotheapplicationofthisexemption,Luxembourgtaxauthoritiestaketheviewthatthewithholdingtaxshouldbeappliedtoanydistributionsmadetoshareholdersholdingadirectparticipationofatleast10%(orhavinganacquisitioncostofatleastof€1.2million)beforethe12monthsperiodhaselapsed.Repaymentofthiswithholdingtaxcanultimatelyberequestedbytherelevantshareholder.
Acommonanti-abuserule(the"CAAR")wasintroducedintheParent-SubsidiaryDirectiveandwasimplementedbytheEUMemberStates,includingLuxembourg,intheirnationallaweffectiveonJanuary1,2016.Underthenewlaw,dividenddistributionsdonotbenefitfromthewithholdingtaxexemptionwhen(i)thebeneficiaryisanEUresidentcompanyorapermanentestablishmentinanotherEUMemberStateofacompanyresidentinaEUMemberStateand(ii)thedistributionsaremadeintheframeworkofanarrangementwhich,havingbeenputinplacewithwhereoneofthemainpurposesisobtainingataxadvantagethatdefeatstheobjectorpurposesoftheParent-SubsidiaryDirective,andisnotgenuineinlightofalltherelevantfactsandcircumstances.Anarrangementwillnotbeconsideredgenuinetotheextentitisnotputinplaceforvalideconomicreasonswhichreflecteconomicreality.
TotheextentawithholdingtaxappliestheCompanyisresponsibleforwithholdingtaxableamounts.
Capital Decrease
Thereimbursementofsharecapital,includingsharepremium,bytheCompanyisnottreatedasadividenddistributionforLuxembourgwithholdingtaxpurposesandthusnotsubjecttoanywithholdingtax,provided(i)therearenoreservesorprofitsattheCompanylevel,and(ii)thecapitaldecreaseismotivatedbysoundbusinessreasons.IncasetheCompanydoesnothavesoundbusinessreasonstoproceedtoacapitaldecrease,theentireamountpaidwillbesubjecttoa15%withholdingtax,unlesstheconditionsforanexemptionorareductionfromthewithholdingtaxondividendssetforthabovearemet.
Arepurchaseofshareswithanimmediatecancellationofthesharesfollowsinprinciplethesametaxtreatmentasareimbursementofsharecapital.However,insuchacase,iftheshareholderceasestobeashareholder,thereimbursementwillnotbesubjecttoawithholdingtax.Incasethesharesarenot
S-32
TableofContents
immediatelycancelled,arepurchaseofsharesmaybetreatedforLuxembourgtaxpurposesasadividenddistribution.
Income Taxation of Luxembourg Resident Shareholders
Luxembourg Resident Individuals
50%ofthedividendsreceivedbyresidentindividuals,whoactinthecourseofeithertheirprivatewealthortheirprofessional/businessactivities,aresubjecttoincometaxattheprogressiveordinaryrate(withthemaximumeffectivemarginaltaxratebeingat42.80%or43.60%dependingontheamountoftaxableincome).Theother50%ofthedividendsreceivedaretax-exempt.The15%withholdingtaxmaybeoffsetagainstthisincometaxliability.
Againrealizeduponthesale,disposalorredemption(however,inthecaseofapartialredemptionthetaxtreatmentappliedwillbethesameasfordividends)ofsharesbyLuxembourgresidentindividualshareholders,actinginthecourseofthemanagementoftheirprivatewealthisnotsubjecttoLuxembourgincometax,providedthissale,disposalorredemptiontookplacemorethan6monthsaftertheshareswereacquiredandprovidedthesharesdonotrepresentasubstantialshareholding.Ashareholdingisconsideredasubstantialshareholdinginlimitedcases,inparticularif(i)therelevantshareholderhasheld,eitheraloneortogetherwithitsspouseorpartnerand/oritsminorchildren,eitherdirectlyorindirectly,atanytimewithinthefiveyearsprecedingtherealizationofthegain,morethan10%ofthesharecapitaloftheCompany,or(ii)thetaxpayeracquiredfreeofcharge,withinthe5yearsprecedingthetransfer,aparticipationthatconstitutedasubstantialparticipationinthehandsofthealienator(orthealienatorsincaseofsuccessivetransfersfreeofchargewithinthesamefive-yearperiod).Capitalgainsrealizedonasubstantialparticipationmorethan6monthsaftertheacquisitionthereofaresubjecttoincometaxaccordingtothehalf-globalratemethod(i.e.,theaveragerateapplicabletothetotalincomeiscalculatedaccordingtoprogressiveincometaxratesandhalfoftheaveragerateisappliedtothecapitalgainsrealizedonthesubstantialparticipation).Adisposalmayincludeasale,anexchange,acontributionoranyotherkindofalienationoftheshareholding.Capitalgainsrealizedonthedisposalofthesharesbyresidentindividualholders,whoactinthecourseoftheirprofessionalorbusinessactivities,aresubjecttoincometaxatordinaryrates.Taxablegainsaredeterminedasbeingthedifferencebetweenthepriceforwhichtheshareshavebeendisposedofandtheloweroftheircostorbookvalue.
50%ofthedividendsreceivedbyresidentindividuals,whoactinthecourseoftheirprofessionalandbusinessactivities,aresubjecttothemunicipalbusinesstax("MBT")ataratedependingonthemunicipalitywhichvariesfrom6%to10.5%.However,forresidentindividuals,MBTisfullytaxdeductible.
Luxembourg Corporate Residents
Luxembourgresidentcorporateshareholders(société à caractère collectif )oftheCompanymustinclude50%ofthedividendsreceivedandanycapitalgainsderivedfromtheshares,intheirtaxableprofitsforLuxembourgincometaxassessmentpurposes(corporateincometax("CIT")andMBTatthemaximumaggregaterateof29.22%in2016forcorporateshareholdershavingtheirstatutoryseatinLuxembourgCity).Theother50%ofthedividendsreceivedaretaxexempt.The15%withholdingtaxmaybeoffsetagainsttheincometaxliability.Taxablegainsaredeterminedasbeingthedifferencebetweenthesale,repurchaseorredemptionpriceandthelowerofthecostorbookvalueofthesharessoldorredeemed.
However,dividendsandliquidationproceedsreceivedbyLuxembourgresidentcorporateshareholdersfromtheCompanywillbeexemptfromCITandMBTincaseofaparticipationhelddirectly,orindirectlythroughataxtransparentvehicle,representingatleast10%ofthesharecapitaloftheCompanyoranacquisitionpriceofatleast€1.2million,providedthatatthetimeoftheincomeis
S-33
TableofContents
madeavailable,therecipienthasheldorcommitstoholdtheparticipationduringanuninterruptedperiodofatleasttwelvemonths.
CapitalgainsrealizedupondisposalofthesharesbyaLuxembourgresidentcorporateshareholderwillbeexemptedincaseofaparticipationhelddirectly,orindirectlythroughataxtransparentvehicle,representingatleast10%ofthesharecapitaloftheCompanyoranacquisitionpriceofatleast€6million,providedthatatthetimeofthedisposal,thebeneficiaryhasheldorcommitstoholdtheparticipationduringanuninterruptedperiodofatleasttwelvemonths.
Luxembourg Residents Benefiting from a Special Tax Regime
LuxembourgresidentshareholdersoftheCompanythatareentitiesbenefitingfromaspecialtaxregime,suchas,(i)undertakingsforcollectiveinvestmentsubjecttotheamendedlawofDecember17,2010(Loi du 17 décembre 2010 concernant les sociétés de placement ),(ii)specializedinvestmentfundssubjecttotheamendedlawofFebruary13,2007(Loi du 13 février 2007 relative aux fonds d'investissement spécialisés ),or(iii)familywealthmanagementcompaniesgovernedbytheamendedlawofMay11,2007(Loi du 11 mai 2007 relative à la création une société de gestion de patrimoine familial (SPF) )aretaxexemptentitiesinLuxembourgandarethusnotsubjecttoanyLuxembourgincometax.
Income Taxation of Luxembourg Non-resident Shareholders
ShareholdersoftheCompanywhoarenon-residentsofLuxembourgandwhohaveneitherapermanentestablishmentnorapermanentrepresentativeinLuxembourgtowhichortowhomthesharesareattributable,aregenerallynotliabletoanyLuxembourgincometax.
Asanexception,anon-residentshareholdermaybeliabletoLuxembourgincometaxoncapitalgainsrealizedonthesharesifithasheld,eitheraloneortogetherwithitsspouseorpartnerand/oritsminorchildren,directlyorindirectly,atanytimewithinthefiveyearsprecedingthedisposaloftheshares,morethan10%ofthesharesoftheCompanyandithaseither(i)heldthesharesforlessthan6months,or(ii)beenaLuxembourgresidenttaxpayerformorethan15yearsandbecameanon-residentlessthanfiveyearsbeforetherealizationofthecapitalgainsontheshares.Dependingontheshareholder'sresidence,suchnon-residentshareholdersmight,however,claimtaxtreatybenefitsinordertoavoidLuxembourgtaxonanysuchcapitalgains.
Non-residentcorporateshareholdersthathaveapermanentestablishmentorapermanentrepresentativeinLuxembourgtowhichorwhomthesharesareattributable,mustincludeanyincomereceived,aswellasanygainrealizedonthesale,disposalorredemptionofshares,intheirtaxableincomeforLuxembourgtaxassessmentpurposes.Thesameinclusionappliestoindividuals,actinginthecourseofthemanagementofaprofessionalorbusinessundertaking,whohaveapermanentestablishmentorapermanentrepresentativeinLuxembourgtowhichorwhomthesharesareattributable.Taxablegainsaredeterminedasbeingthedifferencebetweenthesale,repurchase,orredemptionpriceandthelowerofthecostorbookvalueofthesharessoldorredeemed.
Net Wealth Tax
LuxembourgresidentshareholdersandshareholderswhohaveapermanentestablishmentorapermanentrepresentativeinLuxembourgtowhichorwhomthesharesareattributablearesubjecttoLuxembourgnetwealthtax("NWT")onsuchshares,exceptifsuchshareholderis(i)aresidentornon-residentindividualtaxpayer,(ii)anundertakingforcollectiveinvestmentsubjecttotheamendedlawofDecember17,2010(Loi du 17 décembre 2010 concernant les sociétés deplacement collectif ),(iii)asecuritizationcompanygovernedbytheamendedlawofMarch22,2004onsecuritization(Loi du 22 mars 2004 relative à latitrisation ),(iv)acompanygovernedbytheamendedlawofJune15,2004onventurecapitalvehicles(Loi du 15 juin 2004 relative à la Société d'investissementen capital à risque (SICAR) ),(v)aspecializedinvestmentfundgovernedbytheamendedlawofFebruary13,2007(Loi du
S-34
TableofContents
13 février 2007 relative aux fonds d'investissement spécialisés ),(vi)afamilywealthmanagementcompanygovernedbytheamendedlawofMay11,2007(Loidu 11 mai 2007 relative à la création d'une société de gestion de patrimoine familial (SPF) ),or(vii)aresidentcorporateshareholderwhoholdsaparticipationdirectly,orindirectlythroughataxtransparentvehicle,representingatleast10%ofthesharecapitaloftheCompanyoranacquisitionpriceofatleast€1.2million.However,iftheshareholderisavehiclelistedaboveunder(iii),(iv)or(vii),asfrom1January2016,itmightbesubject(a)toaminimumnetwealthtaxofEUR3,210,ifitholdsassetssuchasfixedfinancialassets,receivablesowedtoaffiliatedcompanies,transferablesecurities,postalcheckingaccounts,checksandcash,inaproportionthatexceeds90%ofitstotalbalancesheetvalueandifthetotalbalancesheetvalueexceedsEUR350,000or(b)toaminimumnetwealthtaxbetweenEUR535andEUR32,100basedonthetotalamountofitsassets.
Other Taxes
NoLuxembourgvalueaddedtax,Luxembourgregistrationduties,orsimilartaxesareleviedonthetransferoftheshares.
NoestateorinheritancetaxisleviedonthetransferofthesharesupondeathofashareholderoftheCompanyincaseswherethedeceasedwasnotaresidentofLuxembourgforinheritancetaxpurposes.
LuxembourgtaxmaybeleviedonagiftordonationofthesharesifembodiedinaLuxembourgnotarialdeedorotherwiseregisteredinLuxembourg.WhereashareholderisaresidentofLuxembourgfortaxpurposesatthetimeofhisdeath,thesharesareincludedinitstaxableestateforinheritancetaxorestatetaxpurposes.
Foreign Account Tax Compliance Act (FATCA) Requirements
FATCArequiresfinancialinstitutionstoreportonanannualbasistotheIRScertaininformationonU.S.personsthatholdaccountsoutsidetheU.S.,asasafeguardagainstU.S.taxevasion.Inaddition,FATCAgenerallyimposesa30%withholdingtaxoncertainU.S.sourcepayments(includingdividendsandgrossproceedsfromthesaleorotherdisposalofpropertythatcanproduceU.S.sourceincome)whenmadetoanindividualorentitythatdoesnotcomplywithFATCAprovisions.UnderapplicableU.S.TreasuryRegulations,withholdingpursuanttoFATCAwithrespecttogrossproceedswillapplyonlyafterJanuary1,2019.The30%withholdingcouldalsoapplytopaymentsotherwiseattributabletoU.S.sourceincome(alsoknownas"foreignpass-throughpayments").
OnMarch28,2014,theU.S.andtheGrandDuchyofLuxembourgsignedanintergovernmentalagreement(IGA)intheformofModel1,whichrequiresLuxembourgfinancialinstitutionstoreportallFATCA-relatedinformationtotheirowngovernmentalagencies,whichwouldthenreportsuchinformationtotheIRS.TheIGAhasbeenimplementedinLuxembourgbyalawdatedJuly24,2015.
InvestorsshouldconsulttheirowntaxadvisorsregardingtheFATCArequirementswithrespecttotheirownsituationontheirinvestmentintheCompany.Inparticular,investorswhoholdtheirinvestmentthroughintermediariesshouldconfirmtheFATCAcompliancestatusofthoseintermediariestoensurethattheydonotsufferU.S.withholdingtaxontheirinvestmentreturns.
S-35
TableofContents
SELLING SHAREHOLDER
ThefollowingtablesetsforthinformationregardingthebeneficialownershipofourordinarysharesasofMarch1,2016,andasadjustedtogiveeffecttotheofferingandsharerepurchase,bythesellingshareholder.
Thepercentageofbeneficialownershipiscalculatedbasedon48,777,934ordinarysharesoutstandingasofMarch1,2016,andthenumberofunissuedsharesastowhichsuchsellingshareholderhastherighttoacquirevotingand/orinvestmentpowerwithin60days.Thebeneficialownershipinformationsetforthbelowwasprovidedbyoronbehalfofthesellingshareholder,andwehavenotindependentlyverifiedtheaccuracyorcompletenessoftheinformationsoprovided.
S-36
Shares Owned Before the Offering
Shares Owned After the Offering and Share
Repurchase
Shares Offered Hereby
Name of Selling Shareholder Number Percentage Number Percentage(2) BainCapitalEverestManagerHoldingSCA(1) 37,269,567 76.4% 9,600,000 27,669,567 58.6%
(1) ThegeneralpartnerofourParentisBainCapitalEverestManagerS.à.r.l.("BCEM").Byvirtueoftherelationshipsdescribedinthisfootnote,BCEMmaybedeemedtoexercisevotinganddispositivepowerwithrespecttothesharesheldbyParent.MichelG.Plantevin,AurélienVasseur,ChristopherD.Pappas,StephenThomas,FelixHauser,andStephenM.ZideareeachmanagersofBCEM.ThemanagersofBCEMdisclaimbeneficialownershipofsuchsharestotheextentattributedtothemsolelybyvirtueofservingasamanagerofBCEM.AlloftheoutstandingsharecapitalofBCEMisheldbyBainCapitalEuropeFundIII,L.P.("EuropeFundIII")and,inthatcapacity,EuropeFundIIIhasthepowertoappointthemanagersofBCEM.BainCapitalInvestors,LLC("BCI")isthegeneralpartnerofBainCapitalPartnersEuropeIII,L.P.,whichisthegeneralpartnerofEuropeFundIII.Asaresultoftherelationshipsdescribedabove,BCImaybedeemedtosharebeneficialownershipofthesharesheldbyourParent.Thegovernance,investmentstrategyanddecision-makingprocesswithrespecttoinvestmentsheldbyEuropeFundIIIisdirectedbyBCI'sGlobalPrivateEquityBoard("GPEB"),whichiscomprisedofthefollowingindividuals:StevenBarnes,JoshuaBekenstein,JohnConnaughton,DavidGros-Loh,StephenPagliuca,MichelG.Plantevin,DwightPoler,andJonathanZhu.Byvirtueoftherelationshipsdescribedinthisfootnote,GPEBmaybedeemedtoexercisevotinganddispositivepowerwithrespecttothesharesheldbyourParent.EachofthemembersofGPEBdisclaimsbeneficialownershipofsuchsharestotheextentattributedtosuchmembersolelybyvirtueofservingonGPEB.TheaddressforourParentandBCEMis4,rueLouHemmer,L-1748Luxembourg,GrandDuchyofLuxembourg.EuropeFundIIIhasanaddressofUglandHouse,SouthChurchStreet,GeorgeTown,GrandCayman,KY1-1104CaymanIslandsandBCIhasanaddressc/oBainCapitalPartners,LP,200ClarendonStreet,Boston,Massachusetts02116.TheaddressofMr.Hauserisc/oBainCapitalBeteiligungsberatungGmbHMaximilianstrasse11,80539Munich,Germany.
(2) Assumestheconsummationofthesharerepurchaseof1,600,000ordinarysharesfromtheunderwriterconcurrentlywiththeclosingofthisofferingbutdoesnotreflectanysharesthatmaybeacquiredinthetenderofferdescribedunder"ProspectusSupplementSummary—ShareRepurchaseandTenderOffer."
TableofContents
UNDERWRITING
TheCompany,thesellingshareholderandGoldman,Sachs&Co.,astheunderwriter,haveenteredintoanunderwritingagreementwithrespecttotheordinarysharesofferedhereby.Subjecttocertainconditions,theunderwriterhasagreedtopurchase9,600,000ordinarysharesfromthesellingshareholder.
Theunderwriteriscommittedtotakeandpayforalloftheordinaryshares,ifanyaretaken,otherthanthesharescoveredbytheoptiondescribedbelowunlessanduntilthisoptionisexercised.
Concurrentlywithandsubjecttothecompletionofthisoffering,wehaveagreedtorepurchasefromtheunderwriter1,600,000ordinarysharesthatarethesubjectofthisoffering.See"ProspectusSupplementSummary—ShareRepurchaseandTenderOffer."
Thefollowingtableshowsthepershareandtotalunderwritingdiscountsandcommissionstobepaidtotheunderwriterbythesellingshareholder.
Theexpensesoftheoffering,notincludingtheunderwritingdiscount,areestimatedatapproximately$1.2millionandarepayablebyus.Thesellingstockholderswillnotpayanyofferingexpenses(otherthantheunderwritingdiscounts).WehaveagreedwiththeunderwritertopayactualaccountablelegalfeesandfilingfeesandotherreasonabledisbursementsofcounseltotheunderwriterrelatingtothereviewandqualificationofthisofferingbytheFinancialIndustryRegulatoryAuthority,Inc.inanaggregateamountnottoexceed$30,000.
Thesharessoldbytheunderwritertothepublicwillinitiallybeofferedatthepublicofferingpricesetforthonthecoverofthisprospectussupplement.Anysharessoldbytheunderwritertosecuritiesdealersmaybesoldatadiscountofupto$persharefromtheinitialpublicofferingprice.Aftertheinitialofferingoftheshares,theunderwritermaychangetheofferingpriceandtheothersellingterms.Theofferingofthesharesbytheunderwriterissubjecttoreceiptandacceptanceandsubjecttotheunderwriter'srighttorejectanyorderinwholeorinpart.
Inconnectionwiththisoffering,we,eachofourdirectorsandexecutiveofficersandthesellingshareholderhaveagreed,subjecttocertainexceptions,that,foraperiodof60daysafterthedateofthisprospectussupplement,weandtheywillnot,withoutthepriorwrittenconsentofGoldman,Sachs&Co.,directlyorindirectlyissue,sell,offer,pledgeorcontracttosell,grantanyoption,rightorwarrantforthesaleof,lendorotherwisetransferordisposeof,anyordinaryshares(otherthanthesharesofferedpursuanttothisoffering)oranysecuritiesconvertibleinto,orexercisableorexchangeablefor,ordinaryshares,includingthefiling(orparticipationinthefiling)ofaregistrationstatementwiththeSECinrespectof,ortheestablishmentorincreaseofaputequivalentpositionortheliquidationordecreaseofacallequivalentpositionwithinthemeaningofSection16oftheExchangeActwithrespectto,anyordinarysharesoranysecuritiesconvertibleinto,orexercisableorexchangeablefor,ordinaryshares;orpubliclyannounceanintentiontoeffectanysuchtransaction.
OurordinarysharesarelistedontheNYSEunderthesymbol"TSE."
Inconnectionwiththeoffering,theunderwritermaypurchaseandsellsharesintheopenmarket.Thesetransactionsmayincludeshortsales,stabilizingtransactionsandpurchasestocoverpositionscreatedbyshortsales.Shortsalesinvolvethesalebytheunderwriterofagreaternumberofsharesthanitisrequiredtopurchaseintheoffering,andashortpositionrepresentstheamountofsuchsales
S-37
PerShare $ Total(1) $
(1) Theunderwriterwillnotreceiveanydiscountorcommissiononthe1,600,000sharesthatwearerepurchasingfromtheunderwriter.
TableofContents
thathavenotbeencoveredbysubsequentpurchases.A"coveredshortposition"isashortpositionthatisnotgreaterthantheamountofadditionalsharesforwhichtheunderwriter'soptiondescribedabovemaybeexercised.Theunderwritermaycoveranycoveredshortpositionbyeitherexercisingitsoptiontopurchaseadditionalsharesorpurchasingsharesintheopenmarket.Indeterminingthesourceofsharestocoverthecoveredshortposition,theunderwriterwillconsider,amongotherthings,thepriceofsharesavailableforpurchaseintheopenmarketascomparedtothepriceatwhichitmaypurchaseadditionalsharespursuanttotheoptiondescribedabove."Naked"shortsalesareanyshortsalesthatcreateashortpositiongreaterthantheamountofadditionalsharesforwhichtheoptiondescribedabovemaybeexercised.Theunderwritermustcoveranysuchnakedshortpositionbypurchasingsharesintheopenmarket.Anakedshortpositionismorelikelytobecreatediftheunderwriterisconcernedthattheremaybedownwardpressureonthepriceofthesharesintheopenmarketafterpricingthatcouldadverselyaffectinvestorswhopurchaseintheoffering.Stabilizingtransactionsconsistofvariousbidsfororpurchasesofsharesmadebytheunderwriterintheopenmarketpriortothecompletionoftheoffering.
Purchasestocoverashortpositionandstabilizingtransactions,aswellasotherpurchasesbytheunderwriterforitsownaccounts,mayhavetheeffectofpreventingorretardingadeclineinthemarketpriceofthesharesand,togetherwiththeimpositionofthepenaltybid,maystabilize,maintainorotherwiseaffectthemarketpriceoftheshares.Asaresult,thepriceofthesharesmaybehigherthanthepricethatotherwisemightexistintheopenmarket.Theunderwriterisnotrequiredtoengageintheseactivitiesandmayendanyoftheseactivitiesatanytime.ThesetransactionsmaybeeffectedonNYSE,intheover-the-countermarketorotherwise.
Aprospectusinelectronicformatmaybemadeavailableonthewebsitesmaintainedbytheunderwriter.Theunderwritermayagreetoallocateanumberofourordinarysharesforsaletoitsonlinebrokerageaccountholders.TheunderwritermaymakeInternetdistributionsonthesamebasisasotherallocations.Inaddition,ourordinarysharesmaybesoldbytheunderwritertosecuritiesdealerswhoresellsuchsharestoonlinebrokerageaccountholders.Otherthantheprospectusinelectronicformat,theinformationontheunderwriter'sorthesellingshareholder'swebsiteandanyinformationcontainedinanyotherwebsitemaintainedbytheunderwriterisnotpartoftheprospectusortheregistrationstatementofwhichthisprospectussupplementformsapart,hasnotbeenapprovedorendorsedbyusortheunderwriterorthesellingshareholderinitscapacityasunderwriterorthesellingshareholderandshouldnotberelieduponbyinvestors.
Theunderwriteranditsaffiliateshaveengagedin,andmayinthefutureengagein,investmentbankingandothercommercialdealingsintheordinarycourseofbusinesswithusorouraffiliates.Theyhavereceived,ormayinthefuturereceive,customaryfeesandcommissionsforthesetransactions.
Inaddition,intheordinarycourseoftheirbusinessactivities,theunderwriteranditsaffiliatesmaymakeorholdabroadarrayofinvestmentsandactivelytradedebtandequitysecurities(orrelatedderivativesecurities)andfinancialinstruments(includingbankloans)fortheirownaccountandfortheaccountsoftheircustomers.Suchinvestmentsandsecuritiesactivitiesmayinvolvesecuritiesand/orinstrumentsofoursorouraffiliates.Theunderwriteranditsaffiliatesmayalsomakeinvestmentrecommendationsand/orpublishorexpressindependentresearchviewsinrespectofsuchsecuritiesorfinancialinstrumentsandmayhold,orrecommendtoclientsthattheyacquire,longand/orshortpositionsinsuchsecuritiesandinstruments.
OtherthanintheUnitedStates,noactionhasbeentakenbyusortheunderwriterthatwouldpermitapublicofferingoftheordinarysharesofferedbythisprospectussupplementinanyjurisdictionwhereactionforthatpurposeisrequired.Ordinarysharesofferedbythisprospectussupplementmaynotbeofferedorsold,directlyorindirectly,normaythisprospectussupplementoranyotherofferingmaterialoradvertisementsinconnectionwiththeofferandsaleofanysuchordinarysharesbedistributedorpublishedinanyjurisdiction,exceptundercircumstancesthatwillresultincompliance
S-38
TableofContents
withtheapplicablerulesandregulationsofthatjurisdiction.Personsintowhosepossessionthisprospectussupplementcomesareadvisedtoinformthemselvesaboutandtoobserveanyrestrictionsrelatingtothisofferingandthedistributionofthisprospectussupplement.Thisprospectussupplementdoesnotconstituteanoffertosellorasolicitationofanoffertobuyanyordinarysharesofferedbythisprospectussupplementinanyjurisdictioninwhichsuchanofferorasolicitationisunlawful.
Canada
Theordinarysharesofferedherebymaybesoldonlytopurchaserspurchasing,ordeemedtobepurchasing,asprincipalthatareaccreditedinvestors,asdefinedinNationalInstrument45-106ProspectusExemptionsorsubsection73.3(1)oftheSecuritiesAct(Ontario),andarepermittedclients,asdefinedinNationalInstrument31-103RegistrationRequirements,ExemptionsandOngoingRegistrantObligations.Anyresaleoftheordinarysharesofferedherebymustbemadeinaccordancewithanexemptionfrom,orinatransactionnotsubjectto,theprospectusrequirementsofapplicablesecuritieslaws.
SecuritieslegislationincertainprovincesorterritoriesofCanadamayprovideapurchaserwithremediesforrescissionordamagesifthisprospectussupplement(includinganyamendmentthereto)containsamisrepresentation,providedthattheremediesforrescissionordamagesareexercisedbythepurchaserwithinthetimelimitprescribedbythesecuritieslegislationofthepurchaser'sprovinceorterritory.Thepurchasershouldrefertoanyapplicableprovisionsofthesecuritieslegislationofthepurchaser'sprovinceorterritoryforparticularsoftheserightsorconsultwithalegaladvisor.
Pursuanttosection3A.3ofNationalInstrument33-105UnderwritingConflicts(NI33-105),theunderwriterisnotrequiredtocomplywiththedisclosurerequirementsofNI33-105regardingunderwriterconflictsofinterestinconnectionwiththisoffering.
European Economic Area
InrelationtoeachMemberStateoftheEuropeanEconomicAreawhichhasimplementedtheProspectusDirective(each,a"RelevantMemberState"),theunderwriterhasrepresentedandagreedthatwitheffectfromandincludingthedateonwhichtheProspectusDirectiveisimplementedinthatRelevantMemberState(the"RelevantImplementationDate")ithasnotmadeandwillnotmakeanofferofsharestothepublicinthatRelevantMemberStatepriortothepublicationofaprospectusinrelationtotheshareswhichhasbeenapprovedbythecompetentauthorityinthatRelevantMemberStateor,whereappropriate,approvedinanotherRelevantMemberStateandnotifiedtothecompetentauthorityinthatRelevantMemberState,allinaccordancewiththeProspectusDirective,exceptthatitmay,witheffectfromandincludingtheRelevantImplementationDate,makeanofferofsharestothepublicinthatRelevantMemberStateatanytime:
(a)toanylegalentitywhichisaqualifiedinvestorasdefinedintheProspectusDirective;
(b)tofewerthan100or,iftheRelevantMemberStatehasimplementedtherelevantprovisionofthe2010PDAmendingDirective,150naturalorlegalpersons(otherthanqualifiedinvestors,asdefinedintheProspectusDirective)subjecttoobtainingthepriorconsentoftherepresentativesforanysuchoffer;or
(c)inanyothercircumstanceswhichdonotrequirethepublicationbyusofaprospectuspursuanttoArticle3oftheProspectusDirective.
Forthepurposesofthisprovision,theexpressionan"offerofsharestothepublic"inrelationtoanysharesinanyRelevantMemberStatemeansthecommunicationinanyformandbyanymeansofsufficientinformationonthetermsfortheofferandthesharestobeofferedsoastoenableaninvestortodecidetopurchaseorsubscribetheshares,asthesamemaybevariedinthatRelevantMemberStatebyanymeasureimplementingtheProspectusDirectiveinthatRelevantMemberState,
S-39
TableofContents
theexpressionProspectusDirectivemeansDirective2003/71/EC(andamendmentsthereto,includingthePD2010AmendingDirectivetotheextentimplementedintheRelevantMemberState)andincludesanyrelevantimplementingmeasureineachRelevantMemberState,andtheexpression2010PDAmendingDirectivemeansDirective2010/73/EU.
United Kingdom
Thisprospectusandanyothermaterialinrelationtothesharesdescribedhereinisonlybeingdistributedto,andisonlydirectedat,personsintheUnitedKingdomthatarequalifiedinvestorswithinthemeaningofArticle2(1)(e)oftheProspectiveDirective("qualifiedinvestors")thatalso(i)haveprofessionalexperienceinmattersrelatingtoinvestmentsfallingwithinArticle19(5)oftheFinancialServicesandMarketsAct2000(FinancialPromotion)Order2005,asamended,ortheOrder,(ii)whofallwithinArticle49(2)(a)to(d)oftheOrderor(iii)towhomitmayotherwiselawfullybecommunicated(allsuchpersonstogetherbeingreferredtoas"relevantpersons").Thesharesareonlyavailableto,andanyinvitation,offeroragreementtopurchaseorotherwiseacquiresuchshareswillbeengagedinonlywith,relevantpersons.Thisprospectusanditscontentsareconfidentialandshouldnotbedistributed,publishedorreproduced(inwholeorinpart)ordisclosedbyrecipientstoanyotherpersonintheUnitedKingdom.AnypersonintheUnitedKingdomthatisnotarelevantpersonshouldnotactorrelyonthisprospectusoranyofitscontents.
Switzerland
ThesharesmaynotbepubliclyofferedinSwitzerlandandwillnotbelistedontheSIXSwissExchange(the"SIX")oronanyotherstockexchangeorregulatedtradingfacilityinSwitzerland.Thisdocumenthasbeenpreparedwithoutregardtothedisclosurestandardsforissuanceprospectusesunderart.652aorart.1156oftheSwissCodeofObligationsorthedisclosurestandardsforlistingprospectusesunderart.27ff.oftheSIXListingRulesorthelistingrulesofanyotherstockexchangeorregulatedtradingfacilityinSwitzerland.NeitherthisdocumentnoranyotherofferingormarketingmaterialrelatingtothesharesortheofferingmaybepubliclydistributedorotherwisemadepubliclyavailableinSwitzerland.
Neitherthisprospectusnoranyotherofferingormarketingmaterialrelatingtotheoffering,theissuer,ortheshareshavebeenorwillbefiledwithorapprovedbyanySwissregulatoryauthority.Inparticular,thisprospectuswillnotbefiledwith,andtheofferofshareswillnotbesupervisedby,theSwissFinancialMarketSupervisoryAuthorityFINMA(the"FINMA"),andtheofferofshareshasnotbeenandwillnotbeauthorizedundertheSwissFederalActonCollectiveInvestmentSchemes(the"CISA").TheinvestorprotectionaffordedtoacquirersofinterestsincollectiveinvestmentschemesundertheCISAdoesnotextendtoacquirersofshares.
The Dubai International Financial Center
ThisprospectusrelatestoanExemptOfferinaccordancewiththeOfferedSecuritiesRulesoftheDubaiFinancialServicesAuthority(the"DFSA").ThisprospectusisintendedfordistributiononlytopersonsofatypespecifiedintheOfferedSecuritiesRulesoftheDFSA.Itmustnotbedeliveredto,orreliedonby,anyotherperson.TheDFSAhasnoresponsibilityforreviewingorverifyinganydocumentsinconnectionwithExemptOffers.TheDFSAhasnotapprovedthisprospectusnortakenstepstoverifytheinformationsetforthhereinandhasnoresponsibilityforthisprospectus.Thesharestowhichthisprospectusrelatesmaybeilliquidand/orsubjecttorestrictionsontheirresale.Prospectivepurchasersofthesharesofferedshouldconducttheirownduediligenceontheshares.Ifyoudonotunderstandthecontentsofthisprospectusyoushouldconsultanauthorizedfinancialadvisor.
S-40
TableofContents
Hong Kong
Thesharesmaynotbeofferedorsoldbymeansofanydocumentotherthan(i)incircumstanceswhichdonotconstituteanoffertothepublicwithinthemeaningoftheCompaniesOrdinance(Cap.32,LawsofHongKong),or(ii)to"professionalinvestors"withinthemeaningoftheSecuritiesandFuturesOrdinance(Cap.571,LawsofHongKong)andanyrulesmadethereunder,or(iii)inothercircumstanceswhichdonotresultinthedocumentbeinga"prospectus"withinthemeaningoftheCompaniesOrdinance(Cap.32,LawsofHongKong),andnoadvertisement,invitationordocumentrelatingtothesharesmaybeissuedormaybeinthepossessionofanypersonforthepurposeofissue(ineachcasewhetherinHongKongorelsewhere),whichisdirectedat,orthecontentsofwhicharelikelytobeaccessedorreadby,thepublicinHongKong(exceptifpermittedtodosounderthelawsofHongKong)otherthanwithrespecttoshareswhichareorareintendedtobedisposedofonlytopersonsoutsideHongKongoronlyto"professionalinvestors"withinthemeaningoftheSecuritiesandFuturesOrdinance(Cap.571,LawsofHongKong)andanyrulesmadethereunder.
Singapore
ThisprospectushasnotbeenregisteredasaprospectuswiththeMonetaryAuthorityofSingapore.Accordingly,thisprospectusandanyotherdocumentormaterialinconnectionwiththeofferorsale,orinvitationforsubscriptionorpurchase,ofthesharesmaynotbecirculatedordistributed,normaythesharesbeofferedorsold,orbemadethesubjectofaninvitationforsubscriptionorpurchase,whetherdirectlyorindirectly,topersonsinSingaporeotherthan(i)toaninstitutionalinvestorunderSection274oftheSecuritiesandFuturesAct,Chapter289ofSingapore(the"SFA"),(ii)toarelevantperson,oranypersonpursuanttoSection275(1A),andinaccordancewiththeconditions,specifiedinSection275oftheSFAor(iii)otherwisepursuantto,andinaccordancewiththeconditionsof,anyotherapplicableprovisionoftheSFA.
WherethesharesaresubscribedorpurchasedunderSection275byarelevantpersonwhichis:(a)acorporation(whichisnotanaccreditedinvestor)thesolebusinessofwhichistoholdinvestmentsandtheentiresharecapitalofwhichisownedbyoneormoreindividuals,eachofwhomisanaccreditedinvestor;or(b)atrust(wherethetrusteeisnotanaccreditedinvestor)whosesolepurposeistoholdinvestmentsandeachbeneficiaryisanaccreditedinvestor,shares,debenturesandunitsofsharesanddebenturesofthatcorporationorthebeneficiaries'rightsandinterestinthattrustshallnotbetransferableforsixmonthsafterthatcorporationorthattrusthasacquiredthesharesunderSection275except:(1)toaninstitutionalinvestorunderSection274oftheSFAortoarelevantperson,oranypersonpursuanttoSection275(1A),andinaccordancewiththeconditions,specifiedinSection275oftheSFA;(2)wherenoconsiderationisgivenforthetransfer;or(3)byoperationoflaw.
S-41
TableofContents
LEGAL MATTERS
CertainlegalmattersinconnectionwiththisofferingwillbepasseduponforusbyRopes&GrayLLP,Boston,Massachusetts.Ropes&GrayLLPandsomeofitsattorneysarelimitedpartnersofRGIP,LP,whichisaninvestorincertaininvestmentfundsadvisedormanagedbyBainCapitalPartners,LPandoftenaco-investorwithsuchfunds.RGIP,LPindirectlyownslessthan1%ofouroutstandingordinaryshares.ThevalidityoftheissuanceofordinarysharestobesoldinthisofferingwillbepasseduponforusbyLoyens&LoeffLuxembourgS.à.r.l.,Luxembourg.CahillGordon&ReindelLLP,NewYork,NewYorkisactingascounseltotheunderwriter.
EXPERTS
TheauditedfinancialstatementsofTrinseoS.A.incorporatedinthisprospectussupplementbyreferencetotheAnnualReportonForm10-KfortheyearendedDecember31,2015,exceptastheyrelatetoAmericasStyrenicsLLC,andtheeffectivenessofinternalcontroloverfinancialreportingasofDecember31,2015havebeenauditedbyPricewaterhouseCoopersLLP,anindependentregisteredpublicaccountingfirm.Suchfinancialstatements,exceptastheyrelatetoAmericasStyrenicsLLC,andmanagement'sassessmentoftheeffectivenessofinternalcontroloverfinancialreportinghavebeensoincorporatedinrelianceonthereportofsuchindependentregisteredpublicaccountingfirmgivenontheauthorityofsaidfirmasexpertsinauditingandaccounting.
TheconsolidatedfinancialstatementsofAmericasStyrenicsLLC,incorporatedinthisprospectussupplementbyreferencefromTrinseoS.A.'sAnnualReportonForm10-KfortheyearendedDecember31,2015,havebeenauditedbyDeloitte&ToucheLLP,anindependentregisteredpublicaccountingfirm,asstatedintheirreport,whichisincorporatedhereinbyreference.Suchfinancialstatementshavebeensoincorporatedinrelianceuponthereportofsuchfirmgivenupontheirauthorityasexpertsinaccountingandauditing.
S-42
TableofContents
WHERE YOU CAN FIND MORE INFORMATION
WehavefiledwiththeSECaregistrationstatementonFormS-3undertheSecuritiesActwithrespectourordinarysharesbeingofferedbythisprospectussupplementandtheaccompanyingprospectus.Thisprospectussupplementandtheaccompanyingprospectusdonotcontainalloftheinformationsetforthintheregistrationstatement.Forfurtherinformationwithrespecttousandtheordinaryshares,referenceismadetotheregistrationstatementanditsexhibits.Statementscontainedinthisprospectussupplementortheaccompanyingprospectusastothecontentsofanycontractorotherdocumentarenotnecessarilycomplete.Wearerequiredtofileannualandquarterlyreports,specialreports,proxystatements,andotherinformationwiththeSEC.Theregistrationstatement,suchreportsandotherinformationcanbeinspectedandcopiedatthePublicReferenceRoomoftheSEClocatedat100FStreet,N.E.,Washington,D.C.20549.Copiesofsuchmaterials,includingcopiesofalloranyportionoftheregistrationstatement,canbeobtainedfromthePublicReferenceRoomoftheSECatprescribedrates.YoucancalltheSECat1-800-SEC-0330toobtaininformationontheoperationofthePublicReferenceRoom.SuchmaterialsmayalsobeaccessedelectronicallybymeansoftheSEC'swebsiteatwww.sec.gov .
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
TheSECallowsusto"incorporatebyreference"intothisprospectussupplementandtheaccompanyingprospectusinformationwefilewithit,whichmeansthatwecandiscloseimportantinformationtoyoubyreferringyoutothosedocuments.Theinformationincorporatedbyreferenceisconsideredtobepartofthisprospectussupplementandtheaccompanyingprospectus,andinformationindocumentsthatwefilelaterwiththeSECwillautomaticallyupdateandsupersedeinformationinthisprospectussupplement.WeincorporatebyreferenceintothisprospectussupplementandtheaccompanyingprospectusthedocumentslistedbelowandanyfuturefilingsmadebyuswiththeSECunderSection13(a),13(c),14or15(d)oftheExchangeAct,exceptforinformation"furnished"underItems2.02,7.01or9.01onForm8-Korotherinformation"furnished"totheSECwhichisnotdeemedfiledandnotincorporatedinthisprospectussupplementortheaccompanyingprospectus,untiltheterminationofthisoffering.Weherebyincorporatebyreferencethefollowingdocuments:
• OurannualreportonForm10-KfortheyearendedDecember31,2015,filedwiththeSEConMarch11,2016(FileNo.001-36473),andasamendedonMarch15,2016;
• OurcurrentreportsonForm8-KfiledwiththeSEConJanuary26,2016andFebruary26,2016;and
• ThedescriptionofourordinarysharescontainedintheRegistrationStatementonForm8-A,asfiledwiththeSEConJune2,2014(FileNo.001-36473).
Youmayrequestacopyofthesefilings,atnocost,bywritingortelephoningusatthefollowingaddress:
TrinseoS.A.Attn:CorporateSecretary
1000ChesterbrookBoulevardSuite300
Berwyn,PA19312(610)240-3200
Copiesofthesefilingsarealsoavailable,withoutcharge,ontheSEC'swebsiteatwww.sec.gov andonourwebsite,www.trinseo.com,assoonasreasonablypracticableaftertheyarefiledelectronicallywiththeSEC.Theinformationcontainedonourwebsiteisnotapartofthisprospectussupplementortheaccompanyingprospectus.
S-43
TableofContents
Trinseo S.A.37,269,567 Ordinary Shares
Thesellingshareholderidentifiedinthisprospectusmayofferandsellfromtimetotime,inoneormoreseriesorissuancesandontermsthatwillbedeterminedatthetimeoftheoffering,37,269,567ordinarysharesofTrinseoS.A.Wewillnotreceiveanyproceedsfromthesaleofsharesbythesellingshareholder.
Wewillprovidespecifictermsofanyofferinginasupplementtothisprospectus.Anyprospectussupplementmayalsoadd,update,orchangeinformationcontainedinthisprospectus.Youshouldcarefullyreadthisprospectusandtheapplicableprospectussupplementaswellasthedocumentsincorporatedordeemedtobeincorporatedbyreferenceinthisprospectusandtheapplicableprospectussupplementbeforeyoupurchaseanyofthesecuritiesofferedhereby.
OurordinarysharesarelistedontheNewYorkStockExchangeunderthesymbol"TSE."OnMarch14,2016,thelastsalepriceofourordinarysharesasreportedontheNewYorkStockExchangewas$34.67pershare.
Investing in our ordinary shares involves substantial risks. See "Risk Factors" beginning on page 3 of this prospectus toread about factors you should consider before buying our ordinary shares.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed onthe accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
ProspectusdatedMarch15,2016
TableofContents
TABLE OF CONTENTS
Wehavenotauthorizedanyonetoprovideanyinformationortomakeanyrepresentationsotherthanthosecontainedorincorporatedbyreferenceinthisprospectus,anyaccompanyingprospectussupplementorinanyfreewritingprospectuseswehaveprepared.Wetakenoresponsibilityfor,andcanprovidenoassuranceastothereliabilityof,anyotherinformationthatothersmaygiveyou.Thisprospectusandanyaccompanyingprospectussupplementareanoffertosellonlythesharesofferedhereby,butonlyundercircumstancesandinjurisdictionswhereitislawfultodoso.Theinformationcontainedorincorporatedbyreferenceinthisprospectusandanyaccompanyingprospectussupplementiscurrentonlyasofthedateoftheapplicabledocument.
AboutthisProspectus 1AboutTrinseoS.A. 2RiskFactors 3CautionaryNoteRegardingForward-LookingStatements 4UseofProceeds 6SellingShareholder 6PlanofDistribution 7LegalMatters 9Experts 9WhereYouCanFindMoreInformation 9IncorporationofCertainInformationbyReference 9
TableofContents
ABOUT THIS PROSPECTUS
ThisprospectusispartofaregistrationstatementonFormS-3thatwefiledwiththeSecuritiesandExchangeCommission(the"SEC")undertheSecuritiesActof1933,asamended("SecuritiesAct"),usinga"shelf"registrationprocess.Underthisshelfregistrationprocess,thesellingshareholdermay,onacontinuousbasis,inoneormoreofferings,sellorotherwisedisposeofupto37,269,567ordinaryshares.Thisprospectusincorporatesbyreferenceimportantbusinessandfinancialinformationaboutusthatisnotincludedinordeliveredwiththisdocument.Youshouldreadtheadditionalinformationdescribedunder"WhereYouCanFindMoreInformation"and"IncorporationofCertainInformationbyReference."
Wewillnotreceiveanyproceedsfromthesaleorotherdispositionoftheordinarysharesregisteredhereunder.
Wehavenotauthorizedanydealer,agentorotherpersontogiveanyinformationortomakeanyrepresentationotherthanthosecontainedorincorporatedbyreferenceinthisprospectus.Thisprospectusdoesnotconstituteanoffertosellorthesolicitationofanoffertobuyanysecuritiesotherthantheregisteredsecuritiestowhichtheyrelate,nordoesthisprospectusconstituteanoffertosellorthesolicitationofanoffertobuysecuritiesinanyjurisdictiontoanypersontowhomitisunlawfultomakesuchofferorsolicitationinsuchjurisdiction.Youshouldnotassumethattheinformationcontainedinthisprospectusisaccurateonanydatesubsequenttothedatesetforthonthefrontofthedocumentorthatanyinformationwehaveincorporatedbyreferenceiscorrectonanydatesubsequenttothedateofthedocumentincorporatedbyreference,eventhoughthisprospectusandanyaccompanyingprospectussupplementisdeliveredorsecuritiesaresoldonalaterdate.
Unlessotherwiseindicatedorthecontextotherwiserequires,theterms"Trinseo,""we,""us,""our,""ourCompany"and"ourbusiness"refertoTrinseoS.A.togetherwithitsconsolidatedsubsidiaries.Priortoourformation,ourbusinesseswerewholly-ownedbyTheDowChemicalCompany.Werefertoourpredecessorbusinessesas"theStyronbusiness."OnJune17,2010,investmentfundsadvisedormanagedbyBainCapitalPartners,LPacquiredtheStyronbusiness,andDowEuropeHoldingB.V.,whichwerefertoas"DowEurope,"or,togetherwithotheraffiliatesofTheDowChemicalCompany,"Dow,"retainedanownershipinterestintheStyronbusinessthroughanindirectownershipinterestinus.Werefertothistransactionasthe"Acquisition."Referencesto"sellingshareholder"and"Parent"refertoBainCapitalEverestManagerHoldingsSCAdescribedundertheheading"SellingShareholder"onpage6,whomaysellsharesasdescribedinthisprospectus.
Youshouldcarefullyreadtheentireprospectus,includinginformationincorporatedbyreferenceintothisprospectusandthe"RiskFactors"and"CautionaryNoteRegardingForward-LookingStatements"sectionsofthisprospectus,beforedecidingwhethertoinvestinourordinaryshares.
1
TableofContents
ABOUT TRINSEO S.A.
Trinseoisaleadingglobalmaterialscompanyengagedinthemanufactureandmarketingofsyntheticrubber,latex,andplastics,includingvariousspecialtyandtechnologicallydifferentiatedproducts.Trinseo'sproductsareincorporatedintoawiderangeofproductsthroughouttheworld,includingtiresandotherproductsforautomotiveapplications,carpetandartificialturfbacking,coatedpaperandpackagingboard,foodpackaging,appliances,medicaldevices,consumerelectronicsandconstructionapplications.Trinseohadapproximately$4.0billioninnetsalesin2015,andasofDecember31,2015had2,270employeesand18manufacturingsitesworldwide.
TrinseoisaLuxembourglimitedliabilitycompany(société anonyme ),witharegisteredofficeat4,rueLouHemmer,L-1748Luxembourg,GrandDuchyofLuxembourgandregisteredwithLuxembourg'sRegisterofCommerceandCompanies(RCS)underRCSnumberB153.549.
2
TableofContents
RISK FACTORS
Investing in our ordinary shares involves a high degree of risk. See "Item 1A. Risk Factors" in our most recent Annual Report on Form 10-K incorporated byreference in this prospectus and in any subsequent Quarterly Report on Form 10-Q and the "Risk Factors" section in the applicable prospectus supplement for adiscussion of the factors you should carefully consider before deciding to purchase our ordinary shares.
3
TableofContents
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Thisprospectus,includinginformationincorporatedbyreferenceherein,containsforward-lookingstatementsincluding,withoutlimitation,statementsconcerningplans,objectives,goals,projections,strategies,futureeventsorperformance,andunderlyingassumptionsandotherstatements,whicharenotstatementsofhistoricalfacts.Forward-lookingstatementsmaybeidentifiedbytheuseofwordslike"expect,""anticipate,""intend,""forecast,""outlook,""will,""may,""might,""potential,""likely,""target,""plan,""contemplate,""seek,""attempt,""should,""could,""would"orexpressionsofsimilarmeaning.Forward-lookingstatementsreflectmanagement'sevaluationofinformationcurrentlyavailableandarebasedonourcurrentexpectationsandassumptionsregardingourbusiness,theeconomyandotherfutureconditions.Becauseforward-lookingstatementsrelatetothefuture,theyaresubjecttoinherentuncertainties,risksandchangesincircumstancesthataredifficulttopredict.Specificfactorsthatmayimpactperformanceorotherpredictionsoffutureactionshave,inmanybutnotallcases,beenidentifiedinconnectionwithspecificforward-lookingstatements.Ouractualresultsmaydiffermateriallyfromthosecontemplatedbytheforward-lookingstatements.Theyareneitherstatementsofhistoricalfactnorguaranteesorassurancesoffutureperformance.Importantfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseintheforward-lookingstatementsincludeeconomic,business,competitive,marketandregulatoryconditionsandthefollowing:
• ourcurrentlevelofindebtedness;
• thestabilityofourjointventures;
• lawsuitsresultingfromproductsoroperations;
• volatilityincostsordisruptioninthesupplyoftherawmaterialsutilizedforourproducts;
• hazardsassociatedwithchemicalmanufacturing;
• thecompetitivenatureofourendmarkets;
• ourcontinuedrelianceonourrelationshipwithTheDowChemicalCompany;
• ourcompliancewithenvironmental,healthandsafetylaws;
• conditionsintheglobaleconomyandcapitalmarkets;
• anydisruptionsinproductionatourmanufacturingfacilities;
• increasesinthecostofenergy;
• ourabilitytomaintainthenecessarylicensesandpermitsweneedforouroperations;
• failuretomaintainaneffectivesystemofinternalcontrols;
• currentinsurancenotcoveringallpotentialexposures;
• changesinlawsandregulationsapplicabletoourbusiness;
• ourdependenceuponkeyexecutivemanagementandanyinabilitytoattractandretainotherqualifiedmanagementpersonnel;
• fluctuationsincurrencyexchangerates;
• strategicacquisitionsaffectingcurrentoperations;
• thelossofcustomers;
• anyinabilitytocontinuetechnologicalinnovationandsuccessfulintroductionofnewproducts;
• anyinabilitytoprotectourtrademarks,patentsorotherintellectualpropertyrights;
4
TableofContents
• datasecuritybreaches;
• failureofourassumptionsandprojectionstobeaccurate;
• localbusinessrisksindifferentcountriesinwhichweoperate;
• seasonalityofourbusiness;and
• otherrisksdescribedinthe"RiskFactors"sectionofthisprospectusandtheapplicableprospectussupplement.
Wederivemanyofourforward-lookingstatementsfromouroperatingbudgetsandforecasts,whicharebaseduponmanydetailedassumptions.Whilewebelievethatourassumptionsarereasonable,wecautionthatitisverydifficulttopredicttheimpactofknownfactors,anditisimpossibleforustoanticipateallfactorsthatcouldaffectouractualresults.Importantfactorsthatcouldcauseactualresultstodiffermateriallyfromourexpectations,orcautionarystatements,aredisclosedunderthesectionentitled"RiskFactors"andthesectionsentitled"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations"fromourAnnualReportonForm10-KandQuarterlyReportsonForm10-Q,incorporatedbyreferenceintothisprospectus.Allwrittenandoralforward-lookingstatementsattributabletous,orpersonsactingonourbehalf,areexpresslyqualifiedintheirentiretybythecautionarystatementsaswellasothercautionarystatementsthataremadefromtimetotimeinourotherpubliccommunications.Youshouldevaluateallforward-lookingstatementsmadeinthisprospectusandthedocumentsincorporatedbyreferencehereininthecontextoftheserisksanduncertainties.
Wecautionyouthattheimportantfactorsreferencedabovemaynotcontainallofthefactorsthatareimportanttoyou.Inaddition,wecannotassureyouthatwewillrealizetheresultsordevelopmentsweexpectoranticipateor,evenifsubstantiallyrealized,thattheywillresultintheconsequencesoraffectusorouroperationsinthewayweexpect.Theforward-lookingstatementsincludedinthisprospectusandthedocumentsincorporatedbyreferencehereinaremadeonlyasofthedateoftheapplicabledocument.Weundertakenoobligationtopubliclyupdateorreviseanyforward-lookingstatementasaresultofnewinformation,futureeventsorotherwise,exceptasotherwiserequiredbylaw.
5
TableofContents
USE OF PROCEEDS
Wewillnotreceiveanyproceedsfromthesaleofourordinarysharesbythesellingshareholder.
SELLING SHAREHOLDER
Thesellingshareholdernamedinthisprospectusmayoffertosellfromtimetotimeupto37,269,567ofourordinaryshares,asprovidedinthisprospectusunderthesectionentitled"PlanofDistribution"andinanyapplicableprospectussupplement.However,wedonotknowwhenorinwhatamountthesellingshareholdermayofferitssharesforsaleunderthisprospectus.ThesellingshareholderreceivedsuchsharesinconnectionwiththeAcquisition.
6
Maximum Number of Shares that may be offered
pursuant to this
Prospectus
Shares owned Prior to the
Offering Shares Owned After the
Offering
Name Number of Shares Percentage
Number of Shares Percentage
BainCapitalEverestManagerHoldingsSCA("Parent")(1) 37,269,567 76.4% 37,269,567
(1) ThegeneralpartnerofourParentisBainCapitalEverestManagerS.à.r.l.("BCEM").Byvirtueoftherelationshipsdescribedinthisfootnote,BCEMmaybedeemedtoexercisevotinganddispositivepowerwithrespecttothesharesheldbyParent.MichelG.Plantevin,AurélienVasseur,ChristopherD.Pappas,StephenThomas,FelixHauser,andStephenM.ZideareeachmanagersofBCEM.ThemanagersofBCEMdisclaimbeneficialownershipofsuchsharestotheextentattributedtothemsolelybyvirtueofservingasamanagerofBCEM.AlloftheoutstandingsharecapitalofBCEMisheldbyBainCapitalEuropeFundIII,L.P.("EuropeFundIII")and,inthatcapacity,EuropeFundIIIhasthepowertoappointthemanagersofBCEM.BainCapitalInvestors,LLC("BCI")isthegeneralpartnerofBainCapitalPartnersEuropeIII,L.P.,whichisthegeneralpartnerofEuropeFundIII.Asaresultoftherelationshipsdescribedabove,BCImaybedeemedtosharebeneficialownershipofthesharesheldbyourParent.Thegovernance,investmentstrategyanddecision-makingprocesswithrespecttoinvestmentsheldbyEuropeFundIIIisdirectedbyBCI'sGlobalPrivateEquityBoard("GPEB"),whichiscomprisedofthefollowingindividuals:StevenBarnes,JoshuaBekenstein,JohnConnaughton,DavidGross-Loh,StephenPagliuca,MichelG.Plantevin,DwightPoler,andJonathanZhu.Byvirtueoftherelationshipsdescribedinthisfootnote,GPEBmaybedeemedtoexercisevotinganddispositivepowerwithrespecttothesharesheldbyourParent.EachofthemembersofGPEBdisclaimsbeneficialownershipofsuchsharestotheextentattributedtosuchmembersolelybyvirtueofservingonGPEB.TheaddressforourParentandBCEMis4,rueLouHemmer,L-1748Luxembourg,GrandDuchyofLuxembourg.EuropeFundIIIhasanaddressofUglandHouse,SouthChurchStreet,GeorgeTown,GrandCayman,KY1-1104CaymanIslandsandBCIhasanaddressc/oBainCapitalPartners,LP,200ClarendonStreet,Boston,Massachusetts02116.TheaddressofMr.Hauserisc/oBainCapitalBeteiligungsberatungGmbHMaximilianstrasse11,80539Munich,Germany.
TableofContents
PLAN OF DISTRIBUTION
Thesellingshareholderwillsellthesecuritiesofferedherebyinoneormoreofthefollowingways(orinanycombinationthere)fromtimetotime:
• toorthroughunderwriters;
• throughagents;
• throughbrokersordealers;
• directlytopurchasers,includingthroughaspecificbidding,auctionorotherprocessorinprivatelynegotiatedtransactions;
• throughacombinationofsuchmethods;or
• throughanyothermethodpermittedbyapplicablelaw.
Aprospectussupplementwilldescribethetermsoftheofferingoftheordinaryshares,includingthefollowing:
• thenameornamesofanyunderwriters,dealersoragentsandtheamountofordinarysharesunderwrittenorpurchasedbyeachofthem;
• thepublicofferingpriceoftheordinaryshares,theproceedstothesellingshareholder,andanydiscounts,commissionsorconcessionsallowedorreallowedorpaidtounderwriters,dealersoragents,andotheritemsconstitutingunderwriters',dealers'oragents'compensation;
• anydelayeddeliveryarrangements;and
• informationaboutthesellingshareholder,includingtherelationshipbetweenthesellingshareholderandus.
Anyofferingpriceandanydiscountsorconcessionsallowedorreallowedorpaidtodealerswillbespecifiedintheprospectussupplementandmaybechangedfromtimetotime.
Onlytheagentsorunderwritersnamedintheprospectussupplementareagentsorunderwritersinconnectionwiththeordinarysharesbeingofferedthereby.
Thesellingshareholdermayauthorizeunderwriters,dealersorotherpersonsactingasouragentstosolicitoffersbycertaininstitutionstopurchasesecuritiesfromthesellingshareholderpursuanttodelayeddeliverycontractsprovidingforpaymentanddeliveryonthedatestatedineachapplicableprospectussupplement.Eachcontractwillbeforanamountnotlessthan,andtheaggregateamountofsecuritiessoldpursuanttosuchcontractsshallnotbelessnormorethan,therespectiveamountsstatedineachapplicableprospectussupplement.Institutionswithwhomthecontracts,whenauthorized,maybemadeincludecommercialandsavingsbanks,insurancecompanies,pensionfunds,investmentcompanies,educationalandcharitableinstitutionsandotherinstitutions,butshallinallcasesbesubjecttoourapproval.Delayeddeliverycontractswillbesubjectonlytothoseconditionssetforthintheprospectussupplement,andtheprospectussupplementwillsetforthanycommissionswepayforsolicitationofthesecontracts.
Agents,underwritersandotherthirdpartiesdescribedabovemaybeentitledtoindemnificationbyusandthesellingshareholderagainstcertaincivilliabilities,includingliabilitiesundertheSecuritiesAct,ortocontributionfromusandthesellingshareholderwithrespecttopaymentswhichtheagents,underwritersorthirdpartiesmayberequiredtomakeinrespectthereof.Agents,underwritersandsuchotherthirdpartiesmaybecustomersof,engageintransactionswith,orperformservicesforusorthesellingshareholderintheordinarycourseofbusiness.Weandthesellingshareholdermayalsouseunderwritersorsuchotherthirdpartieswithwhomweorsuchsellingshareholderhaveamaterial
7
TableofContents
relationship.Weandthesellingshareholderwilldescribethenatureofanysuchrelationshipintheapplicableprospectussupplement.
Certainunderwritersmayusethisprospectusandanyaccompanyingprospectussupplementforoffersandsalesrelatedtomarket-makingtransactionsinourordinaryshares.Theseunderwritersmayactasprincipaloragentinthesetransactions,andthesaleswillbemadeatpricesrelatedtoprevailingmarketpricesatthetimeofsale.Anyunderwritersinvolvedinthesaleofourordinarysharesmayqualifyas"underwriters"withinthemeaningofSection2(a)(11)oftheSecuritiesAct.Inaddition,theunderwriters'commissions,discountsorconcessionsmayqualifyasunderwriters'compensationundertheSecuritiesActandtherulesoftheFinancialIndustryRegulatoryAuthority.
OurordinarysharesarelistedonTheNewYorkStockExchange.Underwritersmaymakeamarketinourordinaryshares,butwillnotbeobligatedtodosoandmaydiscontinueanymarketmakingatanytimewithoutnotice.Wecanmakenoassuranceastothedevelopment,maintenanceorliquidityofanytradingmarketinourordinaryshares.
Certainpersonsparticipatinginanofferingmayengageinoverallotment,stabilizingtransactions,shortcoveringtransactionsandpenaltybidsinaccordancewithrulesandregulationsundertheSecuritiesExchangeActof1934,asamended(the"ExchangeAct").Overallotmentinvolvessalesinexcessoftheofferingsize,whichcreateashortposition.Stabilizingtransactionspermitbidstopurchasetheunderlyingsecuritysolongasthestabilizingbidsdonotexceedaspecifiedmaximum.Shortcoveringtransactionsinvolvepurchasesoftheordinarysharesintheopenmarketafterthedistributioniscompletedtocovershortpositions.Penaltybidspermittheunderwriterstoreclaimasellingconcessionfromadealerwhentheordinarysharesoriginallysoldbythedealerarepurchasedinacoveringtransactiontocovershortpositions.Thoseactivitiesmaycausethepriceoftheordinarysharestobehigherthanitwouldotherwisebe.Ifcommenced,theunderwritersmaydiscontinueanyoftheactivitiesatanytime.
8
TableofContents
LEGAL MATTERS
CertainlegalmattersinconnectionwiththisofferingwillbepasseduponforusbyRopes&GrayLLP,Boston,Massachusetts.Ropes&GrayLLPandsomeofitsattorneysarelimitedpartnersofRGIP,LP,whichisaninvestorincertaininvestmentfundsadvisedormanagedbyBainCapitalPartners,LPandoftenaco-investorwithsuchfunds.RGIP,LPindirectlyownslessthan1%ofouroutstandingordinaryshares.ThevalidityoftheissuanceofordinarysharestobesoldinthisofferingwillbepasseduponforusbyLoyens&LoeffLuxembourgS.à.r.l.,Luxembourg.
EXPERTS
TheauditedfinancialstatementsofTrinseoS.A.incorporatedinthisProspectusbyreferencetotheAnnualReportonForm10-KfortheyearendedDecember31,2015,exceptastheyrelatetoAmericasStyrenicsLLC,andtheeffectivenessofinternalcontroloverfinancialreportingasofDecember31,2015havebeenauditedbyPricewaterhouseCoopersLLP,anindependentregisteredpublicaccountingfirm.Suchfinancialstatements,exceptastheyrelatetoAmericasStyrenicsLLC,andmanagement'sassessmentoftheeffectivenessofinternalcontroloverfinancialreportinghavebeensoincorporatedinrelianceonthereportofsuchindependentregisteredpublicaccountingfirmgivenontheauthorityofsaidfirmasexpertsinauditingandaccounting.
TheconsolidatedfinancialstatementsofAmericasStyrenicsLLC,incorporatedinthisprospectusbyreferencefromTrinseoS.A.'sAnnualReportonForm10-KfortheyearendedDecember31,2015,havebeenauditedbyDeloitte&ToucheLLP,anindependentregisteredpublicaccountingfirm,asstatedintheirreport,whichisincorporatedhereinbyreference.Suchfinancialstatementshavebeensoincorporatedinrelianceuponthereportofsuchfirmgivenupontheirauthorityasexpertsinaccountingandauditing.
WHERE YOU CAN FIND MORE INFORMATION
WehavefiledwiththeSECaregistrationstatementonFormS-3undertheSecuritiesActwithrespecttoourordinarysharesbeingofferedbythisprospectus.Thisprospectus,whichformsapartoftheregistrationstatement,doesnotcontainalloftheinformationsetforthintheregistrationstatement.Forfurtherinformationwithrespecttousandtheordinaryshares,referenceismadetotheregistrationstatementandtheexhibitsandschedulesfiledasapartthereof.Statementscontainedinthisprospectusastothecontentsofanycontractorotherdocumentarenotnecessarilycomplete.WearesubjecttotheinformationalrequirementsoftheSecuritiesExchangeActof1934and,inaccordancetherewith,wefilereportsandotherinformationwiththeSEC.Theregistrationstatement,suchreportsandotherinformationcanbeinspectedandcopiedatthePublicReferenceRoomoftheSEClocatedat100FStreet,N.E.,Washington,D.C.20549.Copiesofsuchmaterials,includingcopiesofalloranyportionoftheregistrationstatement,canbeobtainedfromthePublicReferenceRoomoftheSECatprescribedrates.YoucancalltheSECat1-800-SEC-0330toobtaininformationontheoperationofthePublicReferenceRoom.ThesematerialsmayalsobeaccessedelectronicallyfromtheSEC'swebsite,www.sec.gov.
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
TheSECallowsusto"incorporatebyreference"intothisprospectusinformationwefilewithit,whichmeansthatwecandiscloseimportantinformationtoyoubyreferringtothesedocuments.TheinformationincorporatedbyreferenceisconsideredtobepartofthisprospectusandinformationindocumentsthatwefilelaterwiththeSECwillautomaticallyupdateandsupersedeinformationinthisprospectus.WeincorporatebyreferenceintothisprospectusthedocumentslistedbelowandanyfuturefilingsmadebyuswiththeSECunderSection13(a),13(c),14,or15(d)oftheExchangeAct,exceptforinformationfurnishedunderItems2.02,7.01,or9.01onForm8-Korotherinformation"furnished"
9
TableofContents
totheSECwhichisnotdeemedfiledandnotincorporatedinthisprospectus,untiltheterminationoftheofferingofsecuritiesdescribedintheapplicableprospectussupplement.Weherebyincorporatebyreferencethefollowingdocuments:
• OurannualreportonForm10-KfortheyearendedDecember31,2015,filedwiththeSEConMarch11,2016(FileNo.001-36473),andasamendedonMarch15,2016;
• OurcurrentreportsonForm8-KfiledwiththeSEConJanuary26,2016andFebruary26,2016;and
• ThedescriptionofourordinarysharescontainedintheRegistrationStatementonForm8-A,asfiledwiththeSEConJune2,2014(FileNo.001-36473).
Youmayrequestacopyofthesefiling,atnocost,bywritingortelephoningusat:
TrinseoS.A.Attn:CorporateSecretary
1000ChesterbrookBoulevardSuite300
Berwyn,PA19312(610)240-3200
Copiesofthefilingsarealsoavailable,withoutchargeontheSEC'swebsite,www.sec.gov,andonourwebsite,www.trinseo.com,assoonasreasonablypracticableaftertheyarefiledelectronicallywiththeSEC.Theinformationcontainedonourwebsiteisnotapartofthisprospectus.
10
TableofContents
Trinseo S.A.9,600,000 Ordinary Shares
PROSPECTUS SUPPLEMENT
Goldman, Sachs & Co.
