By Paul Deckelman
New York, May 9 – Hexion Inc. priced a $75 million add-on to its existing 10 3/8% first-priority senior secured notes due Feb. 1, 2022, high yield market sources said Tuesday.
According to an 8-K filing with the Securities and Exchange Commission, the add-on tranche priced at 100.5, and the new issue will settle on May 12.
No further terms of the pricing were immediately available.
A market source indicated that J.P. Morgan Securities LLC was involved with the financing.
The quickly shopped tranche priced just hours after the deal was announced.
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.
| Issuer: | Hexion Inc.
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| Issue: | Add-on to first-priority senior secured notes
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| Amount: | $75 million
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| Maturity: | Feb. 1, 2022
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| Coupon: | 10 3/8%
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| Price: | 100.5
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| Pricing date: | May 9
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| Settlement date: | May 12
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