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Moody's rates Hexion loans B2, ups outlook to positive
Moody's Investors Service said it assigned B2 ratings to Hexion Specialty Chemicals Inc.'s new $1.9 billion guaranteed senior secured credit facilities, affirmed Hexion's other debt ratings and its SGL-2 speculative grade liquidity rating and changed the company's outlook to positive due to better-than-anticipated financial performance.
Hexion will use the new facilities to refinance existing high-cost debt and the preferred stock issued in 2005, which was used to fund an extraordinary dividend to shareholders.
The company also plans to initiate a public stock offering within the next several months; the vast majority of proceeds will go to existing shareholders with $100 million going to the company enough to offset the fees from the contemplated debt and equity transactions, the agency said.
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