Hexion cancels tender for eight series of Hexion, Huntsman notes

By Susanna Moon

Chicago, Dec. 15 - Hexion Specialty Chemicals, Inc. said its tender offers and consent solicitations for some of its notes and those of Huntsman International LLC were terminated as a result of its acquisition of Huntsman Corp. being abandoned.

The offers began on Oct. 8 in connection with Hexion's proposed merger with Huntsman and were made through Hexion's subsidiary, Nimbus Merger Sub Inc., for the following notes:

• Hexion U.S. Finance Corp. and Hexion Nova Scotia Finance, ULC's $200 million second-priority senior secured floating-rate notes due 2014;

• Hexion U.S. Finance and Hexion Nova Scotia Finance's $625 million 9¾% second-priority senior secured notes due 2014;

• Huntsman's $296.01 million 11 5/8% senior secured notes due 2010;

• Huntsman's $198 million 11½% senior notes due 2012;

• Huntsman's $175 million 7 3/8% senior subordinated notes due 2015;

• Huntsman's €135 million 7½% senior subordinated notes due 2015;

• Huntsman's $347 million 7 7/8% subordinated notes due 2014; and

• Huntsman's €400 million 6 7/8% subordinated notes due 2013.

The tender offers were subject to conditions that include completion of Hexion's proposed acquisition of Huntsman and the related financing transactions and the receipt of consents for a majority of the notes issued under each indenture.

Oppenheimer & Co. Inc. (800 274-2746 or 212 885-4646) is dealer manager, and D.F. King & Co., Inc. (800 290-6426 or 212 269-5550) is information agent.

Hexion is a Columbus, Ohio, maker of thermoset and specialty products for wood and industrial markets. It is controlled by an affiliate of Apollo Management, LP.

Huntsman is a Salt Lake City manufacturer of differentiated chemicals and pigments.

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