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Momentive cancels tender offer, consent solicitation for 12½% notes
By Angela McDaniels
Tacoma, Wash., May 17 - Momentive Performance Materials Inc. terminated the tender offer and consent solicitation for its $200 million of 12½% second-lien senior secured notes due 2014, according to a company news release.
The offer began May 16. The company planned to fund the offer and to repay first-lien bank debt with the proceeds of a $500 million new issue of notes. On May 17, the new issue was downsized. Momentive priced $250 million of 8.5-year senior secured notes at par to yield 10%, according to a market source.
The amount on offer was $1,072.50 for each $1,000 principal amount of 12½% notes. This included an early tender premium of $10.00 for each note tendered by the early deadline, 5 p.m. ET on May 30.
The company also planned to pay accrued interest up to but excluding the payment date.
The tender offer was scheduled to end at midnight ET on June 13.
Momentive was also soliciting consents to amend the indenture governing the notes to conform it substantially to the terms of its 9% second-priority springing-lien notes due 2021.
The tender offer was conditioned on funding.
The dealer managers and solicitation agents were J.P. Morgan Securities LLC (800 245-8812 or 212 270-1200), BMO Capital Markets Corp., Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC and UBS Investment Bank. The information agent was Global Bondholder Services Corp. (866 470-4500 or, for brokers and banks, 212 430-3774).
Momentive is a silicones and advanced materials company based in Albany, N.Y.
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