S&P affirms Hexion loan

Standard & Poor's said it affirmed its loan and recovery ratings on Hexion Specialty Chemicals Inc.'s senior secured first-lien bank credit facilities, including a proposed $200 million add-on to its existing term loan and a proposed $10 million add-on to its existing synthetic letter of credit facility.

Pro forma for the proposed changes to the existing facilities, the senior secured first-lien bank facilities will increase to $2.5 billion from $2.3 billion, the agency said.

The first-lien bank loan rating is B, the same as the corporate credit rating. and the recovery rating is 2, S&P noted.

At the same time, the agency said it affirmed its ratings on Hexion's $825 million second-lien notes due 2014, which are B- and 3 recovery rating.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.