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Our lawyers provide innovative and practical counsel on a wide variety of capital raising and securities law compliance matters. We represent clients ranging from emerging private companies to established public companies. With each, we build long-term relationships, generating efficiencies and helping them realize their business goals.
Hexion Closes First Lien and Senior Secured Notes Offerings
- Client News
- February 8, 2017
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.