Momentive issuing $1.1 billion in debt (update)

Momentive Performance Materials (MPM) is planning to issue $1.1 billion in first-priority senior secured debt due 2020 in a private placement. The notes, which will carry an interest rate of 8.875%, are dependent on Momentive obtaining an amendment to its senior secured credit line or an asset-backed loan. The company has received $270 million in commitments for the loan, and expects to receive an additional $30 million.   Proceeds from the debt sale will go to repaying all borrowings under the company’s senior secured credit line, to repay...

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