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Hexion plans $75 million add-on to 10 3/8% secured notes due 2022
By Paul Deckelman
New York, May 9 – Hexion Inc. announced plans Tuesday to sell $75 million of 10 3/8% first-priority senior secured notes due Feb. 1, 2022 as an add-on tranche to its existing bonds.
Information about the timing of the offering and investment banks involved was not immediately available.
The Columbus, Ohio-based chemical company sold $485 million of the notes earlier this year, pricing them at par in a regularly scheduled calendar offering on Jan. 25. That tranche of bonds was downsized from an originally announced $502 million. It was sold as part of a $710 million two part offering that also included $225 million of 1.5-lien notes due 2022
The company plans to use the proceeds from the Rule 144A and Regulation S add-on for general corporate purposes.
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