Hexion buys back $272 million of debt securities since start of Q2

By Angela McDaniels

Tacoma, Wash., Aug. 13 - Hexion Specialty Chemicals, Inc. purchased a combined $272 million of debt since the beginning of the second quarter, according to the company's earnings release for the quarter.

Hexion Specialty Chemicals purchased and extinguished $21 million principal amount of its outstanding debt securities for $6 million during the second quarter.

The repurchased debt securities consisted of $5 million of the company's 8 3/8% unsecured debentures due 2016, $5 million of its 9.2% unsecured debentures due 2021 and $11 million of its 7 7/8% unsecured debentures due 2023.

In addition, the company purchased $180 million of Hexion LLC's outstanding debt for $24 million during the second quarter and $71 million of its various unsecured debentures due 2016 and beyond for approximately $31 million after the end of the quarter.

Hexion said any future repurchases will depend on prevailing market conditions, its liquidity requirements, contractual restrictions and other factors and may be funded through available cash or borrowings from its credit facilities. The amounts involved may be material.

The company ended the quarter on June 30 with $3.56 billion of debt and $132 million of unrestricted cash and cash equivalents.

Hexion is based in Columbus, Ohio, and provides thermoset technologies and specialty products to the wood and industrial markets.

© 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.