Hexion expects its shares to be publicly traded after emerging from Chapter 11

摘要

Hexion expects to emerge from Chapter 11 bankruptcy on 1 July and list its shares for public trading shortly thereafter, after the completion of its financial restructuring and deleveraging plan. As part of its refinancing, the company is looking to raise a $350-million asset-based lending (ABL) revolving credit facility; a $1.2-billion first-lien term loan, of which $600 million is euro-denominated; and $450 million of unsecured debt. A $300-million back-stopped equity rights issue to debtors rounds out the exit financing transaction. Proceeds of these operations will be used to repay amounts outstanding under the debtor-in-possession (DIP) facility, repay $1.383 billion of the prepetition first-lien notes, provide for working capital needs, and for expenses and general corporate purposes.