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Use these links to rapidly review the document 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 September 19, 2016 Prospectus Supplement to Prospectus dated March 15, 2016 TRINSEO S.A. 10,669,567 Ordinary Shares The selling shareholder named in this prospectus supplement is offering 10,669,567 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 September 19, 2016, the last sale price of our ordinary shares as reported on the New York Stock Exchange was $55.76 per ordinary share. Investing in our ordinary shares involves substantial risk. Please read "Risk Factors" beginning on page S-8 of this prospectus supplement and on page 3 of the accompanying base prospectus. 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. The underwriter has agreed to purchase our ordinary shares from the selling shareholder at a price of $ per share, which will result in approximately $ of proceeds to the selling shareholder before expenses. The underwriter may offer the ordinary shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to receipt and acceptance by it and subject to its right to reject any order in whole or in part. We have agreed to reimburse the underwriter for certain expenses in connection with this offering. See "Underwriting." The underwriter expects to deliver the shares against payment in New York, New York on or about , 2016. Morgan Stanley The date of this prospectus supplement is , 2016
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UsetheselinkstorapidlyreviewthedocumentTableofContents
TableofContents
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 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 September 19, 2016
Prospectus Supplement to Prospectus dated March 15, 2016
TRINSEO S.A.10,669,567 Ordinary Shares
Thesellingshareholdernamedinthisprospectussupplementisoffering10,669,567ofourordinaryshares.Wewillnotreceiveanyproceedsfromthesaleofourordinarysharesbythesellingshareholder.
OurordinarysharesarelistedontheNewYorkStockExchangeunderthesymbol"TSE."OnSeptember19,2016,thelastsalepriceofourordinarysharesasreportedontheNewYorkStockExchangewas$55.76perordinaryshare.
Investing in our ordinary shares involves substantial risk. Please read "Risk Factors" beginning on page S-8 of thisprospectus supplement and on page 3 of the accompanying base prospectus.
NeithertheSecuritiesandExchangeCommissionnoranyotherregulatorybodyhasapprovedordisapprovedofthesesecuritiesorpassedupontheaccuracyoradequacyofthisprospectussupplementortheaccompanyingprospectus.Anyrepresentationtothecontraryisacriminaloffense.
Theunderwriterhasagreedtopurchaseourordinarysharesfromthesellingshareholderatapriceof$pershare,whichwillresultinapproximately$ofproceedstothesellingshareholderbeforeexpenses.TheunderwritermayoffertheordinarysharesfromtimetotimeforsaleinoneormoretransactionsontheNewYorkStockExchange,intheover-the-countermarket,throughnegotiatedtransactionsorotherwiseatmarketpricesprevailingatthetimeofsale,atpricesrelatedtoprevailingmarketpricesoratnegotiatedprices,subjecttoreceiptandacceptancebyitandsubjecttoitsrighttorejectanyorderinwholeorinpart.Wehaveagreedtoreimbursetheunderwriterforcertainexpensesinconnectionwiththisoffering.See"Underwriting."
TheunderwriterexpectstodeliverthesharesagainstpaymentinNewYork,NewYorkonorabout,2016.
Morgan Stanley
Thedateofthisprospectussupplementis,2016
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Prospectus
Wehavenotauthorizedanyonetoprovideanyinformationortomakeanyrepresentationsotherthanthosecontainedinorincorporatedbyreferenceintothisprospectussupplement,theaccompanyingprospectusorinanyfreewritingprospectuseswehaveprepared.Wetakenoresponsibilityfor,andcanprovidenoassuranceastothereliabilityof,anyotherinformationthatothersmaygiveyou.Thisprospectussupplementandtheaccompanyingprospectusareanoffertosellonlythesharesofferedhereby,butonlyundercircumstancesandinjurisdictionswhereitislawfultodoso.Theinformationcontainedinthisprospectussupplementandtheaccompanyingprospectusiscurrentonlyasofthedateoftheapplicabledocument.
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ABOUTTHISPROSPECTUSSUPPLEMENT S-iiNON-GAAPFINANCIALMEASURES S-iiPROSPECTUSSUPPLEMENTSUMMARY S-1RISKFACTORS S-8CAUTIONARYNOTEREGARDINGFORWARD-LOOKINGSTATEMENTS S-11USEOFPROCEEDS S-13MARKETPRICEOFOURORDINARYSHARES S-14DIVIDENDPOLICY S-15DESCRIPTIONOFSHARECAPITAL S-16MATERIALUNITEDSTATESFEDERALINCOMEANDLUXEMBOURGTAXCONSIDERATIONS S-24SELLINGSHAREHOLDER S-34UNDERWRITING S-35LEGALMATTERS S-40EXPERTS S-40WHEREYOUCANFINDMOREINFORMATION S-40INCORPORATIONOFCERTAININFORMATIONBYREFERENCE S-40
AboutThisProspectus 1AboutTrinseoS.A. 2RiskFactors 3CautionaryNoteRegardingForward-LookingStatements 4UseofProceeds 6SellingShareholder 6PlanofDistribution 7LegalMatters 9Experts 9WhereYouCanFindMoreInformation 9IncorporationofCertainInformationbyReference 9
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ABOUT THIS PROSPECTUS SUPPLEMENT
Unlessotherwiseindicatedorthecontextotherwiserequires,theterms"Trinseo,""we,""us,""our,""ourCompany,"and"ourbusiness"refertoTrinseoS.A.togetherwithitsconsolidatedsubsidiaries.Priortoourformation,ourbusinesseswerewholly-ownedbyTheDowChemicalCompany,whichwerefertoas"Dow."Werefertoourpredecessorbusinessesas"theStyronbusiness."OnJune17,2010,investmentfundsadvisedormanagedbyBainCapitalPrivateEquity,LPacquiredtheStyronbusiness,andDowEuropeHoldingB.V.retainedanownershipinterestintheStyronbusinessthroughanindirectownershipinterestinus.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,theaccompanyingprospectusanddocumentsincorporatedbyreferencehereinandtherein.ThesearesupplementalfinancialmeasuresthatarenotpreparedinaccordancewithU.S.GenerallyAcceptedAccountingPrinciples("GAAP").Anyanalysisofnon-GAAPfinancialmeasuresshouldbeusedonlyinconjunctionwithresultspresentedinaccordancewithGAAP.
Seenote4tothesectiontitled"ProspectusSupplementSummary—SummaryHistoricalFinancialandOperatingData"foradescriptionofthecalculationofEBITDA,AdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluation,includingthereasonsthatwebelievethisinformationisusefultomanagementandwhyitmaybeusefultoinvestors,andareconciliationofEBITDA,AdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluationtothemostcloselycomparablefinancialmeasurecalculatedinaccordancewithGAAP.OurmeasurementsofEBITDA,AdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluationmaynotbecomparabletothoseofothercompanies.
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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 this 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.OurmanufacturinglocationsincludesitesinemergingmarketssuchasChinaandIndonesia.Additionally,asofDecember31,2015,weoperated11researchanddevelopment("R&D")facilitiesglobally,includingminiplants,developmentcentersandpilotcoaters,whichwebelievearecriticaltoourglobalpresenceandinnovationcapabilities.
Weareaglobalbusinesswithadiversegeographicrevenuemixandsignificantoperationsaroundtheworld.
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ForthesixmonthsendedJune30,2016,wegeneratednetsalesof$1,863.8million,netincomeof$172.6million,AdjustedEBITDAof$325.6millionandAdjustedEBITDAexcludinginventoryrevaluationof$322.4million.FortheyearendedDecember31,2015,wegeneratednetsalesof$3,971.9million,netincomeof$133.6million,AdjustedEBITDAof$492.0millionandAdjustedEBITDAexcludinginventoryrevaluationof$550.3million.AdditionalinformationregardingAdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluation,includingareconciliationofthesemetricstonetincome(loss),isincludedinnote4tothetable"—SummaryHistoricalFinancialandOperatingData."
Recent Developments
Share Repurchases
Duringthethirdquarterof2016,theCompanycompleteditsrepurchaseprogramannouncedonJune22,2016.Undertheprogram,theCompanypurchased1,759,194ordinarysharesfromitsshareholdersthroughacombinationofopenmarkettransactionsforanaggregatepurchaseamountofapproximately$100.0million.Theshareswererepurchasedataweighted-averagepricepershareof$56.68.
Corporate Information
Ourglobaloperatingcenterislocatedat1000ChesterbrookBoulevard,Suite300,Berwyn,Pennsylvania19312,andourtelephonenumberatthisaddressis(610)240-3200.Wemaintainawebsiteatwww.trinseo.com.Theinformationon,orthatcanbeaccessedthrough,ourwebsiteisnotpartofthisprospectussupplementortheaccompanyingprospectus,andyoushouldnotrelyonanysuchinformationinmakingthedecisionwhethertopurchaseourordinaryshares.
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The Offering
S-3
Ordinarysharesofferedbythesellingshareholder
10,669,567ordinaryshares.
Ordinarysharesoutstandingafterthisoffering
45,145,431ordinaryshares,excludingtreasuryshares.
Useofproceeds
Wewillnotreceiveanyoftheproceedsfromthesaleofourordinarysharesbythesellingshareholder.
Dividendpolicy
OnJuly20,2016,wemadearepaymentofequityof$0.30perordinarysharetoourshareholdersofrecordasofthecloseofbusinessonJuly6,2016.Althoughweexpecttocontinuetomakequarterlycashdistributionstoourshareholdersasrepaymentsofequityordividends,anyfuturedeterminationtopaydividendsormakeotherdistributionstoourshareholderswillbeatthediscretionofourboardofdirectors.See"DividendPolicy."
RiskfactorsYoushouldreadcarefullytheinformationsetforthunder"RiskFactors"hereinandintheaccompanyingprospectusforadiscussionoffactorsthatyoushouldconsiderbeforedecidingtoinvestinourordinaryshares.
NewYorkStockExchangetradingsymbol
"TSE".
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Summary Historical Financial and Operating Data
Thefollowingtablesetsforthoursummaryhistoricalfinancialandoperatingdataandotherinformationasofthedatesandfortheperiodsindicated.ThehistoricalresultsofoperationsforthethreeandsixmonthperiodsendedJune30,2016and2015,andthehistoricalbalancesheetdataasofJune30,2016presentedbelowwerederivedfromourunauditedcondensedconsolidatedfinancialstatementsandtherelatednotestheretoincorporatedbyreferenceintothisprospectussupplement.ThehistoricalresultsofoperationsdatafortheyearsendedDecember31,2015,2014,and2013,andthehistoricalbalancesheetdataasofDecember31,2015and2014presentedbelowwerederivedfromourauditedconsolidatedfinancialstatementsandtherelatednotestheretoincorporatedbyreferenceintothisprospectussupplement.ThehistoricalbalancesheetdataasofJune30,2015wasderivedfromourunauditedcondensedconsolidatedfinancialstatementsandtherelatednotestheretonotincorporatedbyreferenceintothisprospectussupplement.ThehistoricalbalancesheetdataasofDecember31,2013wasderivedfromourauditedconsolidatedfinancialstatementsandtherelatednotestheretonotincorporatedbyreferenceintothisprospectussupplement.ThedatainthefollowingtablerelatedtoEBITDA,AdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluationareunauditedforallperiodspresented.
Ourhistoricalresultsarenotnecessarilyindicativeoftheresultstobeexpectedforanyfutureperiods.
Thissummaryhistoricalfinancialandotherdatashouldbereadinconjunctionwiththedisclosuressetforthunder"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations"andtheconsolidatedfinancialstatementsandtherelatednotesthereto,bothofwhichcanbefoundinourQuarterlyReportonForm10-QforthequarterendedJune30,2016andinourAnnualReportonForm10-KfortheyearendedDecember31,2015,eachofwhichisincorporatedbyreferenceherein.
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Three Months Ended
June 30, Six Months Ended
June 30, Year Ended December 31,
(in millions, except per share data) 2016 2015 2016 2015 2015 2014 2013 Statement of Operations Data: Netsales(1) $ 969.7 $ 1,028.7 $ 1,863.8 $ 2,046.9 $ 3,971.9 $ 5,128.0 $ 5,307.4Costofsales(1) 800.0 886.5 1,554.4 1,801.7 3,502.8 4,830.6 4,949.4Grossprofit 169.7 142.2 309.4 245.2 469.1 297.4 358.0Selling,generalandadministrativeexpenses 52.2 50.7 106.7 102.4 208.0 232.6 216.9Equityinearningsofunconsolidatedaffiliates 38.6 40.8 73.6 77.5 140.2 47.7 39.1
Operating income 156.1 132.3 276.3 220.3 401.3 112.5 180.2Interestexpense,net 18.8 25.6 37.7 54.5 93.2 124.9 132.0Lossonextinguishmentoflong-termdebt(2) — 95.2 — 95.2 95.2 7.4 20.7Otherexpense,net 12.9 3.2 15.5 6.7 9.1 27.8 27.9Income (loss) before income taxes 124.4 8.3 223.1 63.9 203.8 (47.6) (0.4)Provisionforincometaxes 28.6 7.5 50.5 25.4 70.2 19.7 21.8Net income (loss) $ 95.8 $ 0.8 $ 172.6 $ 38.5 $ 133.6 $ (67.3) $ (22.2)Weightedaverageshares—basic 47.0 48.8 47.8 48.8 48.8 43.5 37.3Netincome(loss)pershare—basic $ 2.04 $ 0.02 $ 3.61 $ 0.79 $ 2.74 $ (1.55) $ (0.60)Weightedaverageshares—diluted 47.9 48.9 48.6 48.9 49.0 43.5 37.3Netincome(loss)pershare—diluted $ 2.00 $ 0.02 $ 3.55 $ 0.79 $ 2.73 $ (1.55) $ (0.60)Repaymentofequitypershare $ 0.30 — $ 0.30 — — — —Other Financial Data: Depreciationandamortization $ 24.9 $ 21.7 $ 47.9 $ 44.2 $ 96.8 $ 103.7 $ 95.2Capitalexpenditures,netofsubsidy(3) 26.7 13.7 53.2 41.4 107.1 98.6 54.8EBITDA(4) 168.1 55.6 308.7 162.6 393.8 181.0 226.8AdjustedEBITDA(4) 182.4 151.3 325.6 260.1 492.0 261.6 277.9AdjustedEBITDAexcludinginventoryrevaluation(4) 169.5 121.9 322.4 272.9 550.3 326.0 318.3
Balance Sheet Data: Cashandcashequivalents $ 465.2 $ 231.1 $ 431.3 $ 220.8 $ 196.5Workingcapital(5) 928.8 741.1 839.8 748.7 810.2Totalassets(6) 2,362.6 2,289.1 2,258.9 2,356.1 2,574.8Debt(6) 1,188.3 1,221.2 1,182.1 1,202.2 1,336.4Totalliabilities(6) 1,899.2 2,001.2 1,869.9 2,035.3 2,231.6Totalshareholders'equity 463.4 287.9 389.0 320.9 343.2
(1) Netsalesandcostofsalesincreaseordecreasebasedonfluctuationsinrawmaterialprices.Consistentwithindustrypractice,andaspermittedunderagreementswithmanyofourcustomers,rawmaterialpricechangesaregenerallypassedthroughtocustomersbymeansofcorrespondingpricechanges.
(2) ForthethreeandsixmonthsendedJune30,2015andtheyearendedDecember31,2015,thelossonextinguishmentofdebtof$95.2millionrelatedtotheCompany'sdebtrefinancinginMay2015,andwascomprisedofbothacallpremiumandthewrite-offofunamortizeddeferredfinancingfees.FortheyearendedDecember31,2014,thelossonextinguishmentofdebtrelatedtotheJuly2014redemptionof$132.5millioninaggregateprincipalamountofthe2019SeniorNotes,usingaportionoftheproceedsfromourinitialpublicoffering.FortheyearendedDecember31,2013,thelossonextinguishmentofdebtrelatedtotheJanuary2013amendmentofour2018SeniorSecuredCreditFacilityandtherepaymentof$1,239.0millionofoutstandingTermLoans.NosuchchargeswererecordedforthethreeandsixmonthsendedJune30,2016.
(3) Representscapitalexpenditures,netofgovernmentsubsidiesreceivedforsolutionstyrene-butadienerubber,orSSBR,expansionof$2.2millionand$18.8millionfortheyearsendedDecember31,2015and2013,respectively.The$2.2millionofgovernmentsubsidiesreceivedin2015werereceivedduringthethreeandsixmonthsendedJune30,2015.NogovernmentsubsidieswerereceivedinthethreeandsixmonthsendedJune30,2016orintheyearendedDecember31,2014.FortheyearendedDecember31,2014,capitalexpendituresincludeapproximately$26.1millionforthereacquisitionofproductioncapacityrightsattheCompany'srubberproductionfacilityinSchkopau,Germany.
(4) WebelievethatthepresentationofAdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluationprovidesinvestorswithausefulanalyticalindicatorofourperformanceandofourabilitytoserviceourindebtedness.
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WedefineAdjustedEBITDAasincome(loss)fromcontinuingoperationsbeforeinterestexpense,net;incometaxprovision;depreciationandamortizationexpense;lossonextinguishmentoflong-termdebt;assetimpairmentcharges;advisoryfeespaidtoaffiliatesofourParent;gainsorlossesonthedispositionsofbusinessesandassets;restructuringandotheritems.Wedescribetheseothercostsinmoredetailbelow.
WepresentAdjustedEBITDAexcludinginventoryrevaluationinordertofacilitatethecomparabilityofresultsbyinvestorsfromperiodtoperiodbyadjustingcostofsalestoreflectthecostofrawmaterialduringtheperiod,whichisoftenreferredtoasthereplacementcostmethodofinventoryvaluation.Webelievethismeasureminimizestheimpactofrawmaterialpurchasepricevolatilityinevaluatingourperformance.OurapproachtocalculatinginventoryrevaluationisintendedtorepresentthedifferencebetweentheresultsundertheFIFOandthereplacementcostmethods.However,ourcalculationcoulddifferfromthereplacementcostmethodifthemonthlyrawmaterialstandardsaredifferentfromtheactualrawmaterialpricesduringthemonthandproductionandpurchasevolumesdifferfromsalesvolumesduringthemonth.Thesefactorscouldhaveasignificantimpactontheinventoryrevaluationcalculation.
TherearelimitationstousingfinancialmeasuressuchasAdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluation.TheseperformancemeasuresarenotintendedtorepresentcashflowfromoperationsasdefinedbyGAAPandshouldnotbeusedasalternativestonetincome(loss)asindicatorsofoperatingperformanceortocashflowasmeasuresofliquidity.OthercompaniesinourindustrymaydefineAdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluationdifferentlythanwedo.Asaresult,itmaybedifficulttousetheseorsimilarly-namedfinancialmeasuresthatothercompaniesmayuse,tocomparetheperformanceofthosecompaniestoourperformance.Wecompensatefortheselimitationsbyprovidingreconciliationsoftheseperformancemeasurestoournetincome(loss),whichisdeterminedinaccordancewithGAAP.
AdjustedEBITDAandAdjustedEBITDAexcludinginventoryrevaluationarecalculatedasfollowsforthethreeandsixmonthsendedJune30,2016and2015andfortheyearsendedDecember31,2015,2014,and2013,respectively:
Three Months Ended
June 30,
Six Months Ended
June 30,
Year Ended
December 31, (in millions) 2016 2015 2016 2015 2015 2014 2013 Net income (loss) $ 95.8 $ 0.8 $ 172.6 $ 38.5 $ 133.6 $ (67.3) $ (22.2)Interestexpense,net 18.8 25.6 37.7 54.5 93.2 124.9 132.0Provisionforincometaxes 28.6 7.5 50.5 25.4 70.2 19.7 21.8Depreciationandamortization 24.9 21.7 47.9 44.2 96.8 103.7 95.2EBITDA(a ) $ 168.1 $ 55.6 $ 308.7 $ 162.6 $ 393.8 $ 181.0 $ 226.8Lossonextinguishmentoflong-termdebt — 95.2 — 95.2 95.2 7.4 20.7Assetimpairmentchargesorwrite-offs(b) — — — — — — 9.9Netloss(gain)ondispositionofbusinessesandassets(c) 12.9 — 12.9 — — (0.6) 4.2
Restructuringandothercharges(d) 1.1 (0.1) 1.8 0.4 0.8 10.0 10.8Feespaidpursuanttoadvisoryagreement(e) — — — — — 25.4 4.7Otheritems(f) 0.3 0.6 2.2 1.9 2.2 38.4 0.8Adjusted EBITDA $ 182.4 $ 151.3 $ 325.6 $ 260.1 $ 492.0 $ 261.6 $ 277.9Inventoryrevaluation (12.9) (29.4) (3.2) 12.8 58.3 64.4 40.4Adjusted EBITDA excluding inventory
revaluation(g) $ 169.5 $ 121.9 $ 322.4 $ 272.9 $ 550.3 $ 326.0 $ 318.3
(a) WerefertoEBITDAinmakingoperatingdecisionsbecausewebelieveitprovidesmeaningfulsupplementalinformationregardingouroperationalperformance.OthercompaniesinourindustrymaydefineEBITDAdifferentlythanwedo.Asaresult,itmaybedifficulttouseEBITDA,orsimilarly-namedfinancialmeasuresthatothercompaniesmayuse,tocomparetheperformanceofthosecompaniestoourperformance.WecompensatefortheselimitationsbyprovidingreconciliationsofourEBITDAresultstoournetincome(loss),whichisdeterminedinaccordancewithGAAP.Seethe"SelectedSegmentInformation"inourQuarterlyReportonForm10-QforthequarterendedJune30,2016andourAnnualReportonForm10-KfortheyearendedDecember31,2015forfurtherdetailonEBITDAbyeachofourreportablesegments.
(b) Assetimpairmentchargesorwrite-offsfortheyearendedDecember31,2013relateprimarilytoa$9.2millionimpairmentchargeforfixedassetsatourpolycarbonatemanufacturingplantinStade,Germany.SeeNote7intheconsolidatedfinancialstatementsincludedinourAnnualReportonForm10-KfortheyearendedDecember31,2015forfurtherdiscussion.
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(c) DuringthethreeandsixmonthsendedJune30,2016,theCompanyrecordedanimpairmentchargefortheestimatedlossonsaleofourprimaryoperatingentityinBrazil,whichincludesbothlatexandautomotivebusinesses,ofapproximately$12.9million.SeeNote15inthecondensedconsolidatedfinancialstatementsinourQuarterlyReportonForm10-QforthequarterendedJune30,2016forfurtherdiscussion.Netloss(gain)ondispositionofbusinessesandassetsfortheyearsendedDecember31,2014and2013of$(0.6)millionand$4.2million,respectively,relatetothesaleoftheCompany'sexpandablepolystyrene,orEPS,business,whichclosedinSeptember2013,andforwhichacontingentgainof$0.6millionwasrecordedduringthefourthquarterof2014.SeeNote3intheconsolidatedfinancialstatementsinourAnnualReportonForm10-KfortheyearendedDecember31,2015forfurtherdiscussion.
(d) RestructuringandotherchargesforthethreeandsixmonthsendedJune30,2016relatetoemployeeterminationbenefitanddecommissioningchargesincurredinconnectionwiththeclosureofourAllyn'sPointlatexmanufacturingfacilityinGalesFerry,Connecticut,aswellasemploymentterminationbenefitchargesrelatedtotheexpectedeliminationofcertaincorporatefunctionspriortothesaleofourlatexandautomotivebusinessesinBrazil.RestructuringandotherchargesforthesixmonthsendedJune30,2015relateprimarilytothepolycarbonaterestructuringwithinourBasicPlastics&Feedstockssegment,forthereimbursementofdecommissioninganddemolitionchargestoDowinconnectionwiththeshutdownofitsFreeport,Texasfacility.SeeNote16tothecondensedconsolidatedfinancialstatementsincludedinourQuarterlyReportonForm10-QforthequarterendedJune30,2016forfurtherdiscussion.
RestructuringandotherchargesfortheyearendedDecember31,2015relateprimarilytothepolycarbonaterestructuringwithinourBasicPlastics&Feedstockssegmentnotedabove.RestructuringandotherchargesfortheyearsendedDecember31,2014and2013wereincurredprimarilyinconnectionwiththeshutdownofourlatexmanufacturingplantinAltona,AustraliaandtherestructuringwithinourBasicPlastics&Feedstockssegmentnotedabove.SeeNote20totheconsolidatedfinancialstatementsincludedinourAnnualReportonForm10-KfortheyearendedDecember31,2015forfurtherdiscussion.
NotethattheaccelerateddepreciationchargesincurredasapartoftheAllyn'sPointshutdown,andthe2014polycarbonaterestructuringwithinourBasicPlastics&Feedstockssegment,areincludedwithinthe"Depreciationandamortization"captionabove,andthereforearenotincludedasaseparateadjustmentwithinthiscaption.
(e) RepresentsfeespaidunderthetermsofouradvisoryagreementwithBainCapitalPrivateEquity,LP(the"AdvisoryAgreement").FortheyearendedDecember31,2014,thisincludesachargeof$23.3millionforfeesincurredinconnectionwiththeterminationoftheAdvisoryAgreement,pursuanttoitsterms,uponconsummationoftheCompany'sinitialpublicofferinginJune2014.SeeNote18totheconsolidatedfinancialstatementsincludedinourAnnualReportonForm10-KfortheyearendedDecember31,2015forfurtherdiscussion.
(f) OtheritemsforthethreeandsixmonthsendedJune30,2016relatetofeesincurredinconjunctionwiththeCompany'ssecondaryofferingscompletedinMay2016andMarch2016,respectively.SeeNote18inthecondensedconsolidatedfinancialstatementsinourQuarterlyReportonForm10-QforthequarterendedJune30,2016forfurtherdiscussion.OtheritemsforthethreeandsixmonthsendedJune30,2015andfortheyearsendedDecember31,2015and2014consistofcostsrelatedtotheprocessofchangingourcorporatenamefromStyrontoTrinseo.FortheyearendedDecember31,2014,thesecostsalsoincludeaone-time$32.5millionterminationpaymentmadetoDowinconnectionwiththeterminationofourLatexJVOptionAgreement.SeeNote18intheconsolidatedfinancialstatementsinourAnnualReportonForm10-KfortheyearendedDecember31,2015forfurtherdiscussion.
(g) SeethediscussionabovethistableforadescriptionofAdjustedEBITDAexcludinginventoryrevaluation.
(5) Workingcapitalisdefinedascurrentassetsminuscurrentliabilities.
(6) InApril2015,theFinancialAccountingStandardsBoard("FASB")issuedguidancethatrequiresdeferredfinancingfeesrelatedtoarecognizeddebtliabilitybepresentedonthebalancesheetasadirectreductionofthecarryingvalueofthatdebtliability,consistentwithdebtdiscounts.Therecognitionandmeasurementguidancefordeferredfinancingfeesarenotaffected.TheCompanyadoptedthisguidanceeffectiveJanuary1,2016.BalancesasofDecember31,2015presentedhereinhavebeenretrospectivelyadjustedtoreflectthisadoption,withresultingimpactstothecaptions"Totalassets"and"Totalliabilities,"consistentwithourQuarterlyReportonForm10-QforthequarterendedJune30,2016incorporatedbyreferenceherein.
Balancespresentedforallperiodswithinthe"Debt"captionabovereflectgrossdebtbalancesoutstandingateachperiodend,anddonotreflectareductionforthereclassificationofunamortizeddeferredfinancingfeesnotedabove.
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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 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2016. See "Where You Can Find More Information."The risks described below and incorporated herein by reference are those which we believe are the material risks that we face. The trading price of our ordinaryshares could decline due to any of these risks, and you may lose all or part of 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$60.02onAugust30,2016.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.
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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.
AsofSeptember6,2016,therewere45,145,431ofourordinarysharesoutstanding,excludingtreasuryshares.Ofourissuedandoutstandingshares,alltheordinarysharessoldinourinitialpublicofferingandsubsequentregisteredofferings,includingthisoffering,willbefreelytransferable,exceptforanysharesheldbyour"affiliates,"asthattermisdefinedinRule144undertheSecuritiesAct.FollowingcompletionofthisofferingbasedonthesharesoutstandingasofSeptember6,2016,approximately0.5%ofouroutstandingordinaryshares,excludingtreasuryshares,willbebeneficiallyownedbyourofficersanddirectors.
Certainofourdirectors,executiveofficersandourParenthaveenteredintolock-upagreementswiththeunderwriter,whichregulatetheirsalesofourordinarysharesforaperiodof30daysafterthedateofthisprospectussupplement,subjecttocertainexceptions.
Salesofsubstantialamountsofourordinarysharesinthepublicmarketafterthisoffering,ortheperceptionthatsuchsaleswilloccur,couldadverselyaffectthemarketpriceofourordinarysharesandmakeitdifficultforustoraisefundsthroughsecuritiesofferingsinthefuture.Ofthesharestobeoutstandingaftertheoffering,thesharessoldinourinitialpublicofferingandsubsequentregisteredofferings,includingthesharesofferedbythisprospectussupplementandthesharesissuedunderour2014OmnibusIncentivePlan,areeligibleforimmediatesaleinthepublicmarketwithoutrestrictionbypersonsotherthanouraffiliates.
Inaddition,asofSeptember6,2016,wehad2,523,384ordinarysharesthatwereregisteredandreservedforissuanceunderour2014OmnibusIncentivePlan.
If you purchase shares in this offering, you will suffer immediate and substantial dilution.
AsofJune30,2016,ournettangiblebookvaluepersharewas$4.07.Ifyoupurchaseordinarysharesinthisoffering,youwillincurimmediateandsubstantialdilutionintheproformabookvalueofyourordinarysharesbecausethepricethatyoupaywillbesubstantiallygreaterthanthenettangiblebookvaluedeficiencypershareoftheordinarysharesyouacquire.Youwillexperienceadditionaldilutionupontheexerciseofoptionstopurchaseourordinaryshares,includingthoseoptionscurrentlyoutstandingandthosegrantedinthefuture,andtheissuanceofrestrictedstockunitsorotherequityawardsunderourequityincentiveplans.Totheextentweraiseadditionalcapitalbyissuingequitysecurities,ourshareholderswillexperiencesubstantialadditionaldilution.
The declaration, payment and amount of dividends or other cash distributions to our shareholders will be made at the discretion of our board of directors andwill depend on a number of factors.
OnJune21,2016,ourshareholdersauthorizedourboardofdirectorstomakerepaymentsofequityattimesandinamountssetbytheboard.OnJuly20,2016,wemadearepaymentofequityintheamountof$0.30pershareandanticipatemakingsimilarcashpaymentsinsubsequentquarters.See"DividendPolicy."However,therepaymentofequityorpaymentofdividendswillbeatthediscretionofourboardofdirectorsandourboardofdirectorsmay,initsdiscretion,reduceoreliminatethepaymentofdividendsorothercashdistributionstoourshareholders.Luxembourglawalsolimitstheamountsthatmaybedistributedtoourshareholders.UnderLuxembourglaw,annualcashdividendsmustbepaidfromstatutoryaccountingprofitsandapprovedbyshareholders.Unlessitreceivesdividendsfromitssubsidiaries,TrinseoS.A.willnothavestatutoryaccountingprofitswithoutdividendsfromitssubsidiariesasaholdingcompanywithoutoperations.Theabilitytopaydividendsonourordinarysharesisalsolimitedbyrestrictionsontheabilityofoursubsidiariestopaydividendsormakedistributionstous,includingrestrictionsunderthetermsofthecreditagreementgoverningoursubsidiaries'indebtedness.Additionally,oursubsidiariesarelocatedinavarietyofjurisdictions,which
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couldimposeadditionalrestrictionsorlimitationsontheabilityofthesesubsidiariestopaydividendsormakedistributionstous.
Anyfuturedeterminationtopaydividendsormakeotherdistributionstoourshareholderswillalsodependuponourresultsofoperations,financialcondition,capitalrequirementsandotherfactorsthatourboardofdirectorsdeemsrelevant.
Following the completion of this offering our Parent will no longer own ordinary shares of our Company and as of May 12, 2016 we are no longer a"controlled company" within the meaning of the NYSE rules and the rules of the SEC. We continue to rely on "controlled company" exemptions from certainNYSE and SEC corporate governance requirements during a one-year transition period.
AsofMay12,2016,ourParentnolongercontrolledamajorityofthevotingpowerofouroutstandingordinaryshares.BasedonthenumberofordinarysharesoutstandingasofSeptember6,2016,excludingtreasuryshares,ourParentcurrentlyownsapproximately23.6%ofourordinarysharesand,afterthecompletionofthisoffering,willnotownanyofourordinaryshares.SincetheconsummationofourofferingofordinarysharesinMay2016,wearenolongera"controlledcompany"withinthemeaningofthelistingrulesoftheNYSE.Consequently,undertheNYSElistingrules,wearerequiredtohavecompensationandnominatingandcorporategovernancecommitteescomposedentirelyofindependentdirectorsbyMay12,2017.Duringthistransitionperiod,wemaycontinuetoutilizetheavailableexemptionsfromcertaincorporategovernancerequirementsaspermittedbytheNYSElistingrules.Wecurrentlyrelyontheseexemptionsfromcorporategovernancerequirementsandweintendtorelyonsuchexemptionsforthedurationofthetransitionperiod.Accordingly,duringthetransitionperiod,youwillnothavethesameprotectionsaffordedtoshareholdersofcompaniesthataresubjecttoalloftheNYSEcorporategovernancestandards.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Thisprospectussupplement,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;
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• theoutcomeoftheongoinginvestigationinvolvingoneofourjointventures;
• thelossofcustomers;
• anyinabilitytocontinuetechnologicalinnovationandsuccessfulintroductionofnewproducts;
• anyinabilitytoprotectourtrademarks,patentsorotherintellectualpropertyrights;
• datasecuritybreaches;
• failureofourassumptionsandprojectionstobeaccurate;
• localbusinessrisksindifferentcountriesinwhichweoperate;
• seasonalityofourbusiness;
• adverseeventsaffectingthestabilityandstandingoftheEuropeanUnion;and
• otherrisksdescribedinthe"RiskFactors"sectionofthisprospectussupplement.
Wederivemanyofourforward-lookingstatementsfromouroperatingbudgetsandforecasts,whicharebaseduponmanydetailedassumptions.Whilewebelievethatourassumptionsarereasonable,wecautionthatitisverydifficulttopredicttheimpactofknownfactors,anditisimpossibleforustoanticipateallfactorsthatcouldaffectouractualresults.Importantfactorsthatcouldcauseactualresultstodiffermateriallyfromourexpectations,orcautionarystatements,aredisclosedunderthesectionentitled"RiskFactors"andthesectionsentitled"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations"fromourAnnualReportonForm10-KandfromourQuarterlyReportsonForm10-Q,incorporatedbyreferenceintothisprospectussupplement.Allwrittenandoralforward-lookingstatementsattributabletous,orpersonsactingonourbehalf,areexpresslyqualifiedintheirentiretybythecautionarystatementsaswellasothercautionarystatementsthataremadefromtimetotimeinourotherpubliccommunications.Youshouldevaluateallforward-lookingstatementsmadeinthisprospectussupplementandthedocumentsincorporatedbyreferencehereininthecontextoftheserisksanduncertainties.
Wecautionyouthattheimportantfactorsreferencedabovemaynotcontainallofthefactorsthatareimportanttoyou.Inaddition,wecannotassureyouthatwewillrealizetheresultsordevelopmentsweexpectoranticipateor,evenifsubstantiallyrealized,thattheywillresultintheconsequencesoraffectusorouroperationsinthewayweexpect.Theforward-lookingstatementsincludedinthisprospectussupplementandthedocumentsincorporatedbyreferencehereinaremadeonlyasofthedateoftheapplicabledocument.Weundertakenoobligationtopubliclyupdateorreviseanyforward-lookingstatementasaresultofnewinformation,futureeventsorotherwise,exceptasotherwiserequiredbylaw.
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USE OF PROCEEDS
Wewillnotreceiveanyproceedsfromthesaleofourordinarysharesbythesellingshareholder.
See"SellingShareholder"and"Underwriting."
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MARKET PRICE OF OUR ORDINARY SHARES
OurordinaryshareshavebeenlistedontheNewYorkStockExchangeunderthesymbol"TSE"sinceJune12,2014.Priortothattime,therewasnopublicmarketforourordinaryshares.ThefollowingtablesetsforthfortheperiodsindicatedthehighandlowsalepricesofourordinarysharesontheNewYorkStockExchange.
Arecentreportedclosingpriceforourordinarysharesissetforthonthecoverpageofthisprospectussupplement.AmericanStockTransferandTrustCompany,LLCisthetransferagentandregistrarforourordinaryshares.AsofSeptember6,2016,therewere2holdersofrecordofourordinaryshares.
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Fiscal Quarter High Low 2014: Secondquarter(fromJune12,2014) $ 22.99 $ 20.00Thirdquarter $ 21.78 $ 15.54Fourthquarter $ 18.84 $ 11.922015: Firstquarter $ 20.76 $ 14.14Secondquarter $ 30.44 $ 19.42Thirdquarter $ 33.69 $ 23.46Fourthquarter $ 32.96 $ 24.802016: Firstquarter $ 39.23 $ 21.92Secondquarter $ 49.72 $ 36.19Thirdquarter(throughSeptember19,2016) $ 60.02 $ 41.60
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DIVIDEND POLICY
Wemadearepaymentofequityof$0.30perordinarysharepayableincashonJuly20,2016toourshareholdersofrecordasofthecloseofbusinessonJuly6,2016.Priortothisdistribution,wehadnotdeclaredorpaiddividendsorothercashdistributionsonourordinarysharessincebecomingapubliccompany.
Luxembourglawpermitscashdistributionstoshareholdersthroughtherepaymentofshareholders'equity.Theamountofthisdistributionmaynotcausetheannualnon-consolidatedstatutorynetassetsofTrinseoS.A.tofallbelowtheaggregateofitsissuedandsubscribedsharecapitalandlegalreserves.Weexpectthatourreservesavailablefordistributionwillpermitustomakecashdistributionstoourshareholdersinto2017.OurshareholdershaveauthorizedourboardofdirectorstomakeequityrepaymentsinamountsandinfrequenciesdeterminedbytheboardofdirectorsandatalltimesincompliancewithLuxembourglaw.Nevertheless,thisauthorizationfromourshareholdersdoesnotrequirethatourboardofdirectorsdeclareandmakeanequityrepayment,orguaranteethattheywillcontinuedosointhefuture.
PaymentofdividendsonourordinarysharesissubjecttothedeterminationanddeclarationbyourboardofdirectorsandtheapprovalofourshareholdersunderLuxembourglaw.Luxembourglawalsolimitstheamountsthatmaybedistributedtoourshareholders.UnderLuxembourglaw,cashdividendsmustbepaidfromstatutoryaccountingprofitsandapprovedbyshareholders.Unlessitreceivesdividendsfromitssubsidiaries,TrinseoS.A.willnothavestatutoryaccountingprofitsasaholdingcompanywithoutoperations.
Theabilitytopaydividendsonourordinarysharesisalsolimitedbyrestrictionsontheabilityofoursubsidiariestopaydividendsormakedistributionstous,includingrestrictionsunderthetermsofthecreditagreementgoverningoursubsidiaries'indebtedness.Additionally,oursubsidiariesarelocatedinavarietyofjurisdictions,whichcouldimposeadditionalrestrictionsorlimitationsontheabilityofthesesubsidiariestopaydividendsormakedistributionstous.
Althoughweexpecttocontinuetomakequarterlycashdistributionstoshareholdersasrepaymentsofequityordividends,anyfuturedeterminationtopaydividendsormakeotherdistributionstoourshareholderswillbeatthediscretionofourboardofdirectors,subjecttocompliancewithcovenantsincurrentandfutureagreementsgoverningourindebtednessandapplicableLuxembourglaw,andwilldependuponourresultsofoperations,financialcondition,capitalrequirementsandotherfactorsthatourboardofdirectorsdeemsrelevant.
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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.mayborrowinanyformandproceedtoissuedebtbyprivateorpublicofferingsofbonds,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
AsofSeptember6,2016,ourissuedsharecapitalamountsto$487,779.34,representedby48,777,934issuedordinaryshares,including3,632,503ordinarysharesheldintreasury,eachwithanominalvalueof$0.01pershare.Allissuedshareswerefullypaid.OurtreasuryshareshavenovotingrightsoranyrightstoreceivedividendsorotherdistributionsmadebytheCompany.
Ourarticlesofassociationauthorizeourboardofdirectorstoissueordinaryshareswithinthelimitsoftheauthorizedsharecapitalatsuchtimesandonsuchtermsasourboardofdirectorsmaydecideforaperiodcommencingonthedateofpublicationofouramendedarticlesofassociation(i.e.,June11,2014)andendingfiveyearsafterthedateonwhichtheminutesoftheshareholders'
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meetingapprovingsuchauthorizationarepublishedintheLuxembourgofficialgazette(RecueildesSociétésetAssociations(RESA ))(unlesssuchperiodisextended,amendedorrenewed).Accordingly,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 des actionnaires )heldbyusatourregisteredofficeinLuxembourgshallprevail.
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Withoutprejudicetotheconditionsfortransferbybookentrywheresharesarerecordedintheshareholderregisteronbehalfofoneormorepersonsinthenameofadepository,eachtransferofsharesshallbeeffectedbywrittendeclarationoftransfertoberecordedintheshareholderregister,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(Recueil Electronique des Sociétés et Associations (RESA))oftheminutesoftherelevantgeneralmeeting.Thegeneralmeetingofshareholdersmayamend,reneworextendsuchauthorizedsharecapitalandsuchauthorizationtotheboardofdirectorstoissueshares.
Ourarticlesprovidethatnofractionalsharesshallbeissued.
Ourordinaryshareshavenoconversionrightsandtherearenoredemptionorsinkingfundprovisionsapplicabletoourordinaryshares.
Pre-Emptive Rights
Unlesslimited,waivedorcancelledbyourboardofdirectors,holdersofourordinaryshareshaveaproratapre-emptiverighttosubscribeforanynewsharesissuedforcashconsideration.Ourarticlesofassociationprovidethatpre-emptiverightscanbelimited,waivedorcancelledbyourboardofdirectorsforaperiodendingonthefifthanniversaryofthedateonwhichtheminutesoftheshareholders'meetingapprovingsuchauthorizationarepublishedintheLuxembourgOfficialGazette(RESA ),meaningJune11,2019,unlesssuchperiodisextended,amendedorrenewed,intheeventofanincreaseofthesharecapitalbytheboardofdirectorswithinthelimitsoftheauthorizedsharecapital.
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Repurchase of Shares
Wecannotsubscribeforourownordinaryshares.
Wemay,however,repurchaseissuedordinarysharesorhaveanotherpersonrepurchaseissuedordinarysharesforouraccount,subjecttothefollowingconditions:
• priorauthorizationbyasimplemajorityvoteatanordinarygeneralmeetingofshareholders,whichauthorizationsetsforththetermsandconditionsoftheproposedrepurchaseandinparticularthemaximumnumberofordinarysharestoberepurchased,thedurationoftheperiodforwhichtheauthorizationisgiven(whichmaynotexceedfiveyears)and,inthecaseofrepurchaseforconsideration,theminimumandmaximumconsiderationpershare;
• therepurchasemaynotreduceournetassetsonanon-consolidatedbasistoalevelbelowtheaggregateoftheissuedandsubscribedsharecapitalandthereservesthatwemustmaintainpursuanttoLuxembourglaworourarticlesofassociation;
• onlyfullypaid-upsharesmayberepurchased;and
• theoffertoacquiremustbemadeonthesameconditionstoallsimilarlysituatedshareholders,exceptforacquisitions:(i)decidedunanimouslyatageneralmeetingatwhichalltheshareholderswerepresentorrepresented;or(ii)bylistedcompaniesonthestockexchange.
Thegeneralmeetingofshareholdersauthorizedtheboardofdirectorstorepurchaseupto4.5millionofitsordinaryshares.Theauthorizationisvalidforaperiodendingontheearlierof2yearsfromthedateofthedecision(meaninguntilJune21,2018)orthedateofitsrenewalbyasubsequentgeneralmeetingofshareholders.Pursuanttosuchauthorization,theboardofdirectorsisauthorizedtoacquireandsellordinarysharesintheCompanyundertheconditionssetforthinArticle49-2oftheLuxembourgCorporateLaw.Suchpurchasesandsalesmaybecarriedoutforanyauthorizedpurposeoranypurposethatisauthorizedbythelawsandregulationsinforce.
Thepurchasepriceperordinarysharetobepaidshallnotrepresentmorethan$1,000andshallnotbelessthan$1.00.
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.Ourarticlesofassociationprovidethatourboardofdirectorsshalladoptallotherregulationsandrulesconcerningtheattendancetothe
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generalmeeting,andavailabilityofaccesscards,proxyformsinordertoenableshareholderstoexercisetheirrighttovoteasitdeemsfit.
Ashareholdermayparticipateatanygeneralmeetingofshareholdersbyappointinganotherperson(whoneednotbeashareholder)ashisproxy,theappointmentofwhichshallbeinwriting.Ourarticlesofassociationprovidethatourboardofdirectorsmaydetermineadatebywhichweorouragentsmusthavereceiveddulycompletedproxyformsinorderforsuchformtobetakenintoaccountatthegeneralmeeting.
Whenconveningageneralmeetingofshareholders,wewillpublishanotice(whichmustbepublishedatleast30dayspriortothegeneralmeetingdate)intheRESA ,andinaLuxembourgnewspaper.OurarticlesofassociationprovidethatnoticeoftheconveningofthegeneralmeetingofshareholderswillalsobeprovidedinaformofeasilyaccessiblemediawhichisreasonablyexpectedtoberelieduponfortheeffectivedisseminationofinformationtothepublicandthroughouttheEuropeanEconomicArea.
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."
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Extraordinary Resolutions
Extraordinaryresolutionsarerequiredforanyofthefollowingmatters,amongothers:(a)anincreaseordecreaseoftheauthorizedorissuedcapital,(b)alimitationorexclusionofpreemptiverights,(c)approvalofastatutorymergerorde-merger(scission),(d)dissolutionandliquidationofTrinseoS.A.and(e)anyandallamendmentstoourarticlesofassociation.Pursuanttoourarticlesofassociation,foranyextraordinaryresolutionstobeconsideredatageneralmeetingthequorumshallbeatleastone-half(50%)oftheissuedsharecapitaloftheCompanyunlessotherwisemandatorilyrequiredbylaw.Ifthesaidquorumisnotpresent,asecondmeetingmaybeconvenedatwhichnoquorumconditionshallapply.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.
Dissolution and Liquidation
Intheeventofourdissolution,liquidation,orwinding-uptheassetsremainingafterallowingforthepaymentofallliabilitiesofthecompanywillbepaidouttotheshareholdersprorataaccordingtotheirrespectiveshareholdings.Generallythedecisionstodissolve,liquidate,orwind-uprequirethepassingofanextraordinaryresolutionatageneralmeetingofourshareholders,andsuchmeetingmust
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beheldbeforeanotary.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
Luxembourglawgivesshareholderslimitedrightstoinspectcertaincorporaterecords8calendardayspriortothedateoftheannualordinarygeneralmeetingofshareholders,includingtheunconsolidatedannualaccountswiththelistofdirectorsandauditors,theconsolidatedaccounts,thenotestotheannualaccountsandtheconsolidatedaccounts,alistofshareholderswhosesharesarenotfullypaid-up,themanagementreportsandtheauditor'sreport.
Inaddition,anyregisteredshareholderisentitledtoreceiveacopyoftheunconsolidatedannualaccounts,theconsolidatedaccounts,theauditor'sreportsandthemanagementreportsfreeofchargepriortothedateoftheannualordinarygeneralmeetingofshareholders.
UnderLuxembourglaw,itisgenerallyacceptedthatashareholderhastherighttoreceiveresponsesattheshareholders'generalmeetingtoquestionsconcerningitemsontheagendaofthatgeneralmeetingofshareholders,ifsuchresponsesarenecessaryorusefulforashareholdertomakeaninformeddecisionconcerningsuchagendaitem,unlessaresponsetosuchquestionscouldbedetrimentaltoourinterests.
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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.
Noindemnificationwillbeprovidedagainstanyliabilitytousorourshareholdersbyreasonofwillfulmisfeasance,badfaith,grossnegligenceorrecklessdisregardofthedutiesofadirectororofficeroranymatterastowhichanydirectororofficershallhavebeenfinallyadjudicatedtohaveactedinbadfaithandnotintheinterestoftheCompany.
Transfer Agent and Registrar
ThetransferagentandregistrarforourordinarysharesisAmericanStockTransferandTrustCompany,LLC.
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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.
ThediscussionofaU.S.Holder'staxconsequencesaddressesonlythoseU.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)anindividualwhoisacitizenorresidentoftheUnitedStates;(b)acorporation(orotherentitytaxableasacorporationforU.S.federalincometaxpurposes)createdororganizedinorunderthelawsoftheUnitedStates,anystatethereofortheDistrictofColumbia;(c)anestatetheincomeofwhichissubjecttoU.S.federalincometaxationregardlessofitssource;or(d)atrust(i)ifacourtwithintheUnitedStatescanexerciseprimarysupervisionoveritsadministration,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 OtherTax Considerations Relating to the Ownership and Disposition of Our Ordinary Shares.
Cash Dividends and Other Distributions
Asdescribedinthesectionentitled"DividendPolicy,"weexpecttomakequarterlycashdistributionstoourshareholdersasrepaymentsofequityordividends,however,anyfuturedeterminationtopaydividendsormakeotherdistributionstoourshareholderswillbeatthediscretionofourboardofdirectors.Totheextentdistributionsaremadewithrespecttoourordinaryshares,
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subjecttothepassiveforeigninvestmentcompany,or"PFIC,"rulesdiscussedbelow,aU.S.Holderofordinarysharesgenerallywillberequiredtotreatdistributionsreceivedwithrespecttosuchordinaryshares(includinganyamountswithheldpursuanttoLuxembourgtaxlaw)asdividendincometotheextentofourcurrentoraccumulatedearningsandprofits(computedusingU.S.federalincometaxprinciples),withtheexcess(ifany)treatedasanon-taxablereturnofcapitaltotheextentoftheholder'sadjustedtaxbasisintheordinarysharesand,thereafter,ascapitalgain.However,wedonotmaintaincalculationsofourearningsandprofitsinaccordancewithU.S.federalincometaxaccountingprinciples.U.S.Holdersshouldthereforeassumethatdistributionswithrespecttoourordinaryshareswillconstituteordinarydividendincome.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.
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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,passiveincomegenerallyincludesdividends,interest,rents,royaltiesandgainsfromthedispositionofassetsthatproduceorareheldfortheproductionofpassiveincome.
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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.
Alternatively,incertaincircumstances,aU.S.Holderof"marketablestock"(asdefinedbelow)ofaPFICmaymakeamark-to-marketelectionwithrespecttosuchstocktoelectoutoftheexcessdistributionregimediscussedabove.IfaU.S.Holdermakesavalidmark-to-marketelectionfortheordinarysharestheU.S.Holderwillincludeinincomeeachyearanamountequaltotheexcess,ifany,
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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"withholdingtaxmayapplytothosepaymentsifsuchaholderfailstoprovideataxpayeridentificationnumbertothepayingagentandtocertifythatnolossofexemptionfrombackupwithholdinghasoccurred(orifsuchholderotherwisefailstoestablishanexemption).Weortheapplicablepayingagentwillwithholdonadistributionifrequiredbyapplicablelaw.Theamountswithheldunderthebackupwithholdingrulesarenotanadditionaltaxandmayberefunded,
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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;
• anEUresidentcompanywithinthemeaningofarticle2oftheEUCouncilDirective90/435/ECofJuly23,1990concerningthecommonfiscalregimeapplicabletoparentandsubsidiarycompaniesofdifferentmemberstates("theParent-SubsidiaryDirective",tobereadwiththeCircularL.I.R.No.147/1ofMarch6,2012)oritsLuxembourgpermanentestablishment;or
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• 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.Incasethesharesarenotimmediatelycancelled,arepurchaseofsharesmaybetreatedforLuxembourgtaxpurposesasadividenddistribution.
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Income Taxation of Luxembourg Resident Shareholders
Luxembourg Resident Individuals
50%ofthedividendsreceivedbyresidentindividuals,whoactinthecourseofeithertheirprivatewealthortheirprofessional/businessactivities,aresubjecttoincometaxattheprogressiveordinaryrate(withthemaximumeffectivemarginaltaxratebeingat42.8%or43.6%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")andMBTatthemaximumaggregaterateof29.2%in2016forcorporateshareholdershavingtheirstatutoryseatinLuxembourgCity).Theother50%ofthedividendsreceivedaretaxexempt.The15%withholdingtaxmaybeoffsetagainsttheincometaxliability.Taxablegainsaredeterminedasbeingthedifferencebetweenthesale,repurchaseorredemptionpriceandthelowerofthecostorbookvalueofthesharessoldorredeemed.
However,dividendsandliquidationproceedsreceivedbyLuxembourgresidentcorporateshareholdersfromtheCompanywillbeexemptfromCITandMBTincaseofaparticipationhelddirectly,orindirectlythroughataxtransparentvehicle,representingatleast10%ofthesharecapitaloftheCompanyoranacquisitionpriceofatleast€1.2million,providedthatatthetimeoftheincomeismadeavailable,therecipienthasheldorcommitstoholdtheparticipationduringanuninterruptedperiodofatleasttwelvemonths.
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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 13 février 2007 relative aux fondsd'investissement spécialisés ),(vi)afamilywealthmanagementcompanygovernedbytheamendedlawofMay11,2007(Loi du 11 mai 2007 relative à lacréation d'une
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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.
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SELLING SHAREHOLDER
ThefollowingtablesetsforthinformationregardingthebeneficialownershipofourordinarysharesasofSeptember6,2016,andasadjustedtogiveeffecttotheofferingbythesellingshareholder.
Thepercentageofbeneficialownershipiscalculatedbasedon45,145,431ordinarysharesoutstandingasofSeptember6,2016,excludingtreasuryshares,andthenumberofunissuedsharesastowhichsuchsellingshareholderhastherighttoacquirevotingand/orinvestmentpowerwithin60days.Thebeneficialownershipinformationsetforthbelowwasprovidedbyoronbehalfofthesellingshareholder,andwehavenotindependentlyverifiedtheaccuracyorcompletenessoftheinformationsoprovided.
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Shares Owned Before the Offering
Shares Owned After the Offering
Shares Offered Hereby
Name of Selling Shareholder Number Percentage Number Percentage BainCapitalEverestManagerHoldingSCA(1) 10,669,567 23.6% 10,669,567 — —
(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/oBainCapitalPrivateEquity,LP,200ClarendonStreet,Boston,Massachusetts02116.TheaddressofMr.Hauserisc/oBainCapitalBeteiligungsberatungGmbHMaximilianstrasse11,80539Munich,Germany.
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UNDERWRITING
MorganStanley&Co.LLCisactingastheunderwriterinconnectionwiththisoffering.SubjecttothetermsandconditionssetforthinanunderwritingagreementamongtheCompany,thesellingshareholderandtheunderwriter,theunderwriterhasagreedtopurchase10,669,567ordinarysharesfromthesellingshareholderatapriceof$pershare,whichwillresultin$ofproceedstothesellingshareholderbeforeexpenses.
Theunderwritermayreceivefrompurchasersofthesharesnormalbrokeragecommissionsinamountsagreedwithsuchpurchasers.TheunderwriterproposestooffertheordinarysharesforsalefromtimetotimeinoneormoretransactionsontheNewYorkStockExchange,intheover-the-countermarket,throughnegotiatedtransactionsorotherwiseatmarketpricesprevailingatthetimeofsale,atpricesrelatedtoprevailingmarketpricesoratnegotiatedprices,subjecttoreceiptandacceptancebytheunderwriterandsubjecttoitsrighttorejectanyorderinwholeorinpart.Theunderwritermayeffectsuchtransactionsbysellingordinarysharestoorthroughdealers,andsuchdealersmayreceivecompensationintheformofdiscounts,concessionsorcommissionsfromtheunderwriterand/orpurchasersofordinarysharesforwhomtheymayactasagentsortowhomtheymaysellasprincipals.Thedifferencebetweenthepriceatwhichtheunderwriterpurchasesordinarysharesandthepriceatwhichtheunderwriterresellssuchordinarysharesmaybedeemedunderwritingcompensation.Theunderwriteriscommittedtotakeandpayforallofthesharesbeingoffered,ifanyaretaken.
Theexpensesoftheofferingareestimatedatapproximately$300,000andarepayablebyus.Thesellingshareholderwillnotpayanyofferingexpenses.WehaveagreedwiththeunderwritertopayactualaccountablelegalfeesandfilingfeesandotherreasonabledisbursementsofcounseltotheunderwriterrelatingtothereviewandqualificationofthisofferingbytheFinancialIndustryRegulatoryAuthority,Inc.inanaggregateamountnottoexceed$30,000.
Inconnectionwiththisoffering,weandeachofourdirectorsandexecutiveofficershaveagreed,subjecttocertainexceptions,that,foraperiodof30daysafterthedateofthisprospectussupplement,weandtheywillnot,withoutthepriorwrittenconsentofMorganStanley&Co.LLC,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,andashortpositionrepresentstheamountofsuchsalesthathavenotbeencoveredbysubsequentpurchases.Theunderwritermaycoveranycoveredshortpositionbypurchasingsharesintheopenmarket.Stabilizingtransactionsconsistofvariousbidsfororpurchasesofsharesmadebytheunderwriterintheopenmarketpriortothecompletionoftheoffering.
Purchasestocoverashortpositionandstabilizingtransactions,aswellasotherpurchasesbytheunderwriterforitsownaccounts,mayhavetheeffectofpreventingorretardingadeclineinthemarketpriceofthesharesandmaystabilize,togetherwiththeimpositionofthepenaltybid,maintainor
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otherwiseaffectthemarketpriceoftheshares.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,exceptundercircumstancesthatwillresultincompliancewiththeapplicablerulesandregulationsofthatjurisdiction.Personsintowhosepossessionthisprospectussupplementcomesareadvisedtoinformthemselvesaboutandtoobserveanyrestrictionsrelatingtothisofferingandthedistributionofthisprospectussupplement.Thisprospectussupplementdoesnotconstituteanoffertosellorasolicitationofanoffertobuyanyordinarysharesofferedbythisprospectussupplementinanyjurisdictioninwhichsuchanofferorasolicitationisunlawful.
Canada
Theordinarysharesofferedherebymaybesoldonlytopurchaserspurchasing,ordeemedtobepurchasing,asprincipalthatareaccreditedinvestors,asdefinedinNationalInstrument45-106ProspectusExemptionsorsubsection73.3(1)oftheSecuritiesAct(Ontario),andarepermittedclients,asdefinedinNationalInstrument31-103RegistrationRequirements,ExemptionsandOngoingRegistrantObligations.Anyresaleoftheordinarysharesofferedherebymustbemadeinaccordancewithanexemptionfrom,orinatransactionnotsubjectto,theprospectusrequirementsofapplicablesecuritieslaws.
SecuritieslegislationincertainprovincesorterritoriesofCanadamayprovideapurchaserwithremediesforrescissionordamagesifthisprospectussupplement(includinganyamendmentthereto)containsamisrepresentation,providedthattheremediesforrescissionordamagesareexercisedbythe
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purchaserwithinthetimelimitprescribedbythesecuritieslegislationofthepurchaser'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,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)ordisclosedbyrecipientstoanyother
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personintheUnitedKingdom.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.
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.
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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.
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LEGAL MATTERS
CertainlegalmattersinconnectionwiththisofferingwillbepasseduponforusbyRopes&GrayLLP,Boston,Massachusetts.Ropes&GrayLLPandsomeofitsattorneysarelimitedpartnersofRGIP,LP,whichisaninvestorincertaininvestmentfundsadvisedormanagedbyBainCapitalPrivateEquity,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.
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.Weincorporatebyreferenceintothisprospectussupplementandthe
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accompanyingprospectusthedocumentslistedbelowandanyfuturefilingsmadebyuswiththeSECunderSection13(a),13(c),14or15(d)oftheExchangeAct,except,ineachcase,forinformation"furnished"underItems2.02,7.01or9.01onForm8-Korotherinformation"furnished"totheSECwhichisnotdeemedfiledandnotincorporatedinthisprospectussupplementortheaccompanyingprospectus,untiltheterminationofthisoffering.Weherebyincorporatebyreferencethefollowingdocuments:
• OurannualreportonForm10-KfortheyearendedDecember31,2015,filedwiththeSEConMarch11,2016(FileNo.001-36473),andasamendedonMarch15,2016;
• OurquarterlyreportsonForm10-QforthequartersendedMarch31,2016andJune30,2016,filedwiththeSEConMay5,2016andAugust3,2016,respectively(FileNo.001-36473);
• OurcurrentreportsonForm8-KfiledwiththeSEConJanuary26,2016,February26,2016,March24,2016,April5,2016,May11,2016,May23,2016,June22,2016,July27,2016,August12,2016,August16,2016,August30,2016andAugust31,2016(FileNo.001-36473);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.govandonourwebsite,www.trinseo.com,assoonasreasonablypracticableaftertheyarefiledelectronicallywiththeSEC.Theinformationcontainedonourwebsiteisnotapartofthisprospectussupplementortheaccompanyingprospectus.
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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
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
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
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
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
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;
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• 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.
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USE OF PROCEEDS
Wewillnotreceiveanyproceedsfromthesaleofourordinarysharesbythesellingshareholder.
SELLING SHAREHOLDER
Thesellingshareholdernamedinthisprospectusmayoffertosellfromtimetotimeupto37,269,567ofourordinaryshares,asprovidedinthisprospectusunderthesectionentitled"PlanofDistribution"andinanyapplicableprospectussupplement.However,wedonotknowwhenorinwhatamountthesellingshareholdermayofferitssharesforsaleunderthisprospectus.ThesellingshareholderreceivedsuchsharesinconnectionwiththeAcquisition.
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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.
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
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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.
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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"
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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.
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TableofContents
Trinseo S.A.10,669,567 Ordinary Shares
PROSPECTUS SUPPLEMENT
Morgan Stanley
