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Momentive seeks amendment to extend maturities, permit note sale
By Sara Rosenberg
New York, Nov. 23 - Momentive Performance Materials Inc. is looking to amend its senior secured credit facility to extend the maturity of a portion its term loan and revolver, and allow for the issuance of notes, according to an 8-K filed with the Securities and Exchange Commission on Monday.
The extended term loan will mature in 2015 and the extended revolver will mature in 2014.
Also, in connection with the amendment, the company expects to reduce the size of its revolver.
The company is seeking approval for a $500 million first-lien senior secured notes offering.
Proceeds from notes will be used to repay some term loan borrowings and for general corporate purposes.
The completion of each of the amendment and the bonds is conditioned on the other.
Also on Monday, the company announced that it is repaying $75 million of borrowings under its revolver, bringing the total outstanding balance to $100 million.
Momentive is an Albany, N.Y.-based specialty materials company, providing high-technology materials products to the silicones, quartz and ceramics markets.
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