Momentive to Issue New Debt, Partly for Refinancing

Momentive Performance Materials is planning to issue $450 million in new senior secured bonds to institutional investors. The debt will be used to repay $250 million worth of principal on the company’s term loans, and to fund an offer to redeem $130 million in high-interest bonds.   The bonds covered in the redemption offer are part of a $200 million debt issue with an interest rate of 12.5% and a 2014 maturity date. Momentive is offering $1,072.50 for every $1,000 redeemed by bondholders before May 30. The company is offering $1,062.50 for every...

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