Hexion Inc., which provides thermoset technologies, specialty products, and technical support, plans to issue $450 million in new senior unsecured notes due 2027 in a private offering. The Columbus-based company plans to use the funds to repay its existing debtor-in-possession credit facilities and the other fees, expenses and distributions under its Chapter 11 bankruptcy.
The notes will be guaranteed on a senior basis by the company’s existing domestic subsidiaries that guarantee obligations under the credit facilities to be entered into upon the company’s emergence from bankruptcy.
The proposed offering of the notes is subject to market and other conditions and may not occur as described or at all.
The notes are being offered only to persons reasonably believed to be qualified institutional buyers. They will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the U.S., absent an effective registration statement or an applicable exemption.