Hexion Reworks Credit Lines, Issues Debt

Hexion is reworking its credit lines while pushing back the maturity of its term loan and issuing new debt, the company announced today in an SEC filing. The company is looking to extend the maturity of its term loan, currently May 2013, to May 2015. It will also issue $700 million in new senior debt due 2018. Future debt issuances may occur under the new terms, as well, provided that some of the proceeds are used to pay down the company's credit facilities and term loans. The company has also obtained a new $175 million revolving credit facility that will take...

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