EFTA Document EFTA01385297

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Recommendations Trinseo (TRINSE) 5.375% Senior Notes '25 Trinseo released 3O'17 results in early November that came in above expectations and up y/y, following 2O'17 results that broke the streak of nine consecutive quarters of EBITDA growth y/y. EBITDA was $166 MM vs. our forecast of S115 MM and $143 MM in 3O'16. The large beat in the quarter was driven by higher styrene margins from unplanned supply outages,