Momentive Performance to launch $570 million DIP on Thursday

By Sara Rosenberg

New York, April 14 - Momentive Performance Materials Inc. will hold a bank meeting on Thursday to launch a $570 million debtor-in-possession financing facility, according to sources.

J.P. Morgan Securities LLC is the lead bank on the deal.

The facility consists of a $270 million asset-based revolver and a $300 million term loan.

Price talk on the term loan is Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 991/2, sources said.

Proceeds will be used to help fund the company's Chapter 11 restructuring process.

Momentive is an Albany, N.Y.-based silicones and advanced materials company.

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