Hexion gets commitments of about $147 million for extended revolver

By Sara Rosenberg

New York, Dec. 11 - Hexion Specialty Chemicals Inc. obtained roughly $147 million of commitments for an extended revolving credit facility that will take effect when the existing revolver matures on May 31, 2011, according to an 8-K filed with the Securities and Exchange Commission on Friday.

The extended revolver will mature 91 days prior to the maturity date of the term loans under the senior secured credit facility, which is May 5, 2013.

Pricing on the extended revolver is Libor plus 450 basis points.

Committing lenders are getting a 200 bps upfront fee and a 200 bps ticking fee.

The commitments were obtained on Dec. 10.

The company also said in the filing that it intends to pursue additional commitments for the extended revolver.

Hexion is a Columbus, Ohio-based thermoset resins company.

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