Hexion Says $700M Note Offering Will Help Offset Debt

Law360, New York (January 14, 2010, 4:12 PM EST) -- Hexion Specialty Chemicals Inc. revealed plans Thursday to issue $700 million in senior secured notes due in 2018 in a private offering the company said would help pay down its debt.

The Columbus, Ohio-based company said it intended to use the net proceeds from the sale to repay $500 million of the U.S. term loans under its existing $2.2 billion in senior secured credit facilities.

Hexion said the rest of the proceeds will be put toward providing “incremental liquidity” and paying certain related transaction costs and...
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