Markit drops Momentive from LCDX; loans voted off in dealer poll

By Toni Weeks

San Luis Obispo, Calif., June 10 - Markit Group Ltd. said that all loans listed on the syndicated secured list for Momentive Specialty Chemicals Inc. were voted off through a dealer poll.

The company was listed under the Hexion Specialty Chemicals, Inc. name in a previous series, according to a Markit news release.

The 30-business day window for suggesting substitute obligations ended at the close of business last Friday.

A new version of the affected Markit LCDX series will be issued, with an annex date of June 7.

Cash settlement is scheduled to occur on June 13 so as to ensure smooth processing of the event by DTCC and avoid an overlap with the regular quarterly payment date.

According to the release, the entity is also a constituent of the Markit LCDX series 14 and 15, which do not include optional early termination provisions.

Also, no new versions will be issued for Markit LCDX series 8 or 9 because all issued tenors of those series have matured.

Momentive is a Columbus, Ohio-based specialty chemicals producer.

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