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Hexion Closes First Lien and Senior Secured Notes Offerings

Paul, Weiss advised Hexion Inc., a global leader in thermoset resins and an Apollo portfolio company, in private offerings of $485 million aggregate principal amount of 10.375% first-priority senior secured notes due 2022 and $225 million aggregate principal amount of 13.75% senior secured notes due 2022. The first lien notes were issued by Hexion 2 U.S. Finance Corp., a wholly owned subsidiary of Hexion Inc., and, upon satisfaction of the escrow conditions, assumed at closing by Hexion Inc., which also issued the senior secured notes. The proceeds of the offerings, together with cash on the balance sheet, were used to redeem and discharge Hexion's outstanding 8.875% senior secured notes due 2018. The bookrunning managers for the offerings were J.P. Morgan, Citigroup, Deutsch Bank Securities, Goldman, Sachs & Co., Wells Fargo Securities, BofA Merrill Lynch, Credit Suisse and Citizens Capital Markets.

The Paul, Weiss team included corporate partners Gregory Ezring, Catherine Goodall, David Huntington and Mark Wlazlo; tax partner Brad Okun; environmental counsel William O'Brien; and intellectual property partner Claudine Meredith-Goujon.

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