New York, October 20, 2014 -- Moody's Investors Service assigned a B3 rating to TPC Group Inc's proposed $50 million add-on 8.75% senior secured notes due December 2020. The proceeds of the proposed notes will be used to repay outstanding revolver borrowings. The transaction is leverage neutral, but will marginally increase interest expense and add permanent financing, freeing up the revolver to support the company's liquidity as it prepares for the restart of its dehydrogenation unit to produce on-purpose isobutylene in the fourth quarter of 2014. TPC's B2 corporate family rating and other ratings remain unchanged. The ratings outlook remains negative.

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