Hexion to start roadshow Tuesday for $825 million two-part note issue

By Paul A. Harris

St. Louis, Oct. 16 - Hexion Specialty Chemicals Inc. will begin a roadshow on Tuesday for an $825 million offering of eight-year senior secured second-priority notes in two tranches, according to a market source.

The Columbus, Ohio-based maker of thermoset resins will sell fixed-rate notes that will come with four years of call protection and floating-rate notes that will come with two years of call protection.

Tranche sizes and credit ratings remain to be determined.

Credit Suisse and JP Morgan are joint bookrunners.

Proceeds will be used to fund a debt recapitalization, including the payment of a dividend to sponsor Apollo Management.

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