Momentive plans bond sale, sees weak third quarter

Momentive Performance Materials, the former GE silicones operations now owned by private equity firm Apollo Management, says it plans to issue $1.1 billion in 8-year senior secured bonds. The timing and terms were not disclosed. Momentive says it will use proceeds from the offering to repay current senior secured credit facilities, repurchase the $200-million aggregate principal amount of 12.5% notes due 2014, and for general corporate purposes. In addition, Momentive warned that it expects third-quarter results “will reflect continued weak economic conditions...

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