Hexion Inc.'s Proposed $200 Million 1.5-Lien Senior Secured Notes Rated 'CCC' (Recovery Rating: '5') - S&P Global Ratings’ Credit Research

Hexion Inc.'s Proposed $200 Million 1.5-Lien Senior Secured Notes Rated 'CCC' (Recovery Rating: '5')

Hexion Inc.'s Proposed $200 Million 1.5-Lien Senior Secured Notes Rated 'CCC' (Recovery Rating: '5') - S&P Global Ratings’ Credit Research
Hexion Inc.'s Proposed $200 Million 1.5-Lien Senior Secured Notes Rated 'CCC' (Recovery Rating: '5')
Published Jan 25, 2017
3 pages (1192 words) — Published Jan 25, 2017
Price US$ 150.00  |  Buy this Report Now

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Abstract:

NEW YORK (S&P Global Ratings) Jan. 25, 2017--S&P Global Ratings said today it assigned its 'CCC' issue-level rating and '5' recovery rating to Columbus, Ohio.-based Hexion Inc.'s proposed $200 million 1.5-lien senior secured notes due in 2022. The '5' recovery rating indicates our expectation for modest recovery in the event of payment default (lower half of the 10% to 30% range). The company plans to use proceeds to fund redemption of the remaining 8.875% senior notes due in 2018. The ratings on Hexion, including the 'CCC+' corporate credit rating, are unchanged. The rating outlook remains negative. We based all ratings on preliminary terms and conditions. RELATED CRITERIA Criteria - Corporates - General: Recovery Rating Criteria For Speculative-Grade Corporate Issuers, Dec.

  
Brief Excerpt:

...NEW YORK (S&P Global Ratings) Jan. 25, 2017--S&P Global Ratings said today it assigned its '###' issue-level rating and '5' recovery rating to Columbus, Ohio.-based Hexion Inc.'s proposed $200 million 1.5-lien senior secured notes due in 2022. The '5' recovery rating indicates our expectation for modest recovery in the event of payment default (lower half of the 10% to 30% range). The company plans to use proceeds to fund redemption of the remaining 8.875% senior notes due in 2018. The ratings on Hexion, including the '###+' corporate credit rating, are unchanged. The rating outlook remains negative. We based all ratings on preliminary terms and conditions. RELATED CRITERIA + Criteria - Corporates - General: Recovery Rating Criteria For Speculative-Grade Corporate Issuers, Dec. 07, 2016 + Criteria - Corporates - General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 + Criteria - Corporates - Industrials: Key Credit Factors For The Specialty...

  
Report Type:

Ratings Action

Ticker
HXN
Issuer
Hexion Inc.
GICS
Diversified Chemicals (15101020)
Sector
Global Issuers, Structured Finance
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Hexion Inc.'s Proposed $200 Million 1.5-Lien Senior Secured Notes Rated 'CCC' (Recovery Rating: '5')" Jan 25, 2017. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Hexion-Inc-s-Proposed-200-Million-1-5-Lien-Senior-Secured-Notes-Rated-CCC-Recovery-Rating-5-1790937>
  
APA:
S&P Global Ratings’ Credit Research. (). Hexion Inc.'s Proposed $200 Million 1.5-Lien Senior Secured Notes Rated 'CCC' (Recovery Rating: '5') Jan 25, 2017. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Hexion-Inc-s-Proposed-200-Million-1-5-Lien-Senior-Secured-Notes-Rated-CCC-Recovery-Rating-5-1790937>
  
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