Momentive to redeem all first-, second-lien notes on June 14 at par

By Sarah Lizee

Olympia, Wash., May 15 – Momentive Performance Materials Inc. intends to redeem all of its outstanding existing first-lien notes and second-lien notes on June 14, according to an 8-K filing with the Securities and Exchange Commission.

The notes will be redeemed at par plus accrued interest up to but excluding the redemption date.

The company said it will use proceeds from new facilities to help finance the redemptions.

On May 13, Momentive entered into a settlement agreement and mutual release with BOKF, NA as trustee for the prepetition 8 7/8% first-priority senior secured notes due 2020, the existing first-lien notes and the existing second-lien notes, and with Wilmington Trust, NA as trustee for the prepetition 10% senior secured notes due 2020 to dismiss any pending appeals and release any and all of the outstanding claims in respect of the company’s bankruptcy proceedings, including with respect to the existing first-lien notes and the existing second-lien notes.

Momentive is a Waterford, N.Y.-based silicones and advanced materials company.

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