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Prospect News home > News index > List of issuers H > Headlines for Hexion Specialty Chemicals, Inc. > News item |
Hexion readies launch of $350 million DIP term loan for Monday
By Sara Rosenberg
New York, April 2 – Hexion International Holdings BV is scheduled to hold a bank meeting at 10:30 a.m. ET in New York on Monday to launch a $350 million 18-month debtor-in-possession term loan, according to a market source.
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the joint lead arrangers on the deal.
The DIP term loan has 101 soft call protection for six months and a minimum liquidity covenant, the source said.
Proceeds will be used to repay outstanding ABL borrowings and for general corporate purposes.
Commitments are due on April 17, the source added.
Hexion is a Columbus, Ohio-based producer of thermoset resins and related technologies and specialty products. The Chapter 11 case number is 19-10684.
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