Hexion Specialty Chemicals, Inc. Announces an Amendment of its Second Amended and Restated Senior Secured Credit Facility
Hexion Specialty Chemicals, Inc. (“Hexion” or the “Company”) announced today that it has amended its second amended and restated senior secured credit facility in order to reduce the interest rates applicable to borrowings of term loans by 0.25%. Also today, the Company funded incremental term loans under its second amended and restated credit agreement in the aggregate amount of $200 million in the form of new tranche C-5 term loans made in U.S. dollars and new tranche C-6 term loans made in euros.
The proceeds of the incremental term loans will be used to acquire, directly or indirectly, the assets or equity interests of the German resins and formaldehyde business of Arkema GmbH expected to close in the third quarter 2007, to pay all fees and expenses in connection therewith and for general corporate purposes. The Incremental Credit Facility will mature on May 5, 2013. In addition, the second amended and restated credit agreement was changed to increase the amount of incremental borrowings it may make under its facility from $200 million to $300 million (net of the incremental amount borrowed today).
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