Momentive seeks extension of loans, plans new debt for paydown

By Sara Rosenberg

New York, March 1 - Momentive Specialty Chemicals Inc. is looking to extend maturities under its senior secured credit facility, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

And, in connection with the extension offer, the company will launch an issuance of new senior secured debt that will be used to repay loan borrowings.

Specifically, the company wants to extend its term loans due May 5, 2013 to March 4, 2015, its term loan due May 5, 2015 to March 3, 2017 and its third incremental revolver due Feb. 3, 2013 to Dec. 3, 2014.

Pricing on the extended debt would be increased from non-extended pricing.

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

Commitments for the extension are due on Tuesday, a market source said.

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

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