Hexion amends loan, getting $200 million of addition term debt, reducing pricing

By Sara Rosenberg

New York, June 15 - Hexion Specialty Chemicals, Inc. amended its senior secured credit facility, getting $200 million in incremental term loan debt and lowering pricing on the existing term loans by 25 basis points, according to a company news release.

The incremental term loan debt due May 5, 2013 is in the form of a new tranche C-5 loan made in dollars and a new tranche C-6 loan made in euros.

Proceeds of the incremental term loans will be used to acquire the German resins and formaldehyde business of Arkema GmbH and for general corporate purposes.

In addition, the amendment increased the accordion feature under the credit facility to $300 million from $200 million.

Hexion is a Columbus, Ohio, thermoset resins company.

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