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Momentive Performance to pay down bank debt with notes proceeds
By Sara Rosenberg
New York, May 16 - Momentive Performance Materials Inc. plans on repaying its first-lien bank debt using proceeds from a $500 million senior secured 11/2-lien notes offering, according to a market source.
Remaining proceeds will be used to tender for all $200 million of the company's 12½% second-lien notes at a price of 107.25 and for general corporate purposes.
Momentive is a Columbus, Ohio-based producer of thermoset resins.
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