Momentive Performance to launch new loan deal on Tuesday

By Sara Rosenberg

New York, March 29 – Momentive Performance Materials Inc. (MPM Holdings Inc.) is scheduled to hold a bank meeting at 10:30 a.m. ET in New York on Tuesday to launch a new loan transaction to existing and prospective lenders, according to a market source.

BNP Paribas Securities Corp. and Citigroup Global Markets Inc. are the joint physical bookrunners on the deal.

Proceeds will be used to help fund the acquisition of the company by SJL Partners LLC, KCC Corp. and Wonik QnC Corp. for $32.50 per share. The transaction is valued at about $3.1 billion, including the assumption of net debt, pension and OPEB liabilities.

Other funds for the acquisition will come from cash.

Closing is expected in the first half of 2019, subject to regulatory approvals and other customary conditions. The transaction is not subject to any financing contingency.

Momentive is a Waterford, N.Y.-based silicones and advanced materials company. KCC is a Seoul, South Korea-based chemicals manufacturer. Wonik is a Gumi, South Korea-based manufacturer and seller of quartz and ceramic wares used in the production of semiconductor wafers.

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