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Hexion to redeem 8 7/8% senior secured notes due 2018 on Friday
New York, March 8 – Hexion Inc. will redeem its remaining 8 7/8% senior secured notes due 2018 on Friday, according to a 10-K filing with the Securities and Exchange Commission.
The company has already deposited sufficient funds with the note trustee to pay for the redemption.
Financing will come from the company’s recently completed offering of $485 million of 10 3/8% first priority senior secured notes due 2022 and $225 million of 13¾% senior secured notes due 2022 along with cash on hand.
As of Dec. 31, Hexion had $706 million of the 8 7/8% notes outstanding, according to the 10-K.
The redemption of the notes follows repurchases made in the open market.
During 2016 as a whole, the company bought back $290 million of the 8 7/8% notes for $240 million in cash.
Of this total, $55 million was repurchased during the fourth quarter of last year for $53 million in cash.
Hexion is a Columbus, Ohio-based producer of thermoset resins.
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