...NEW YORK (S&P Global Ratings) Jan. 19, 2017--S&P Global Ratings said today it assigned its '###+' issue-level rating and '3' recovery rating to Columbus, Ohio.-based Hexion Inc. 's proposed $460 million first-priority senior secured notes due in 2022. The '3' recovery rating indicates our expectation for meaningful recovery in the event of payment default (lower half of the 50% to 70% range). The company plans to use proceeds to fund redemption of a portion of the 1.5-lien 8.875% senior secured notes due in 2018. The company also publically stated that they expect to issue up to $250 million of new senior secured debt for cash and/or in exchange for a portion of the senior secured notes that are not purchased or redeemed with the net proceeds of the new notes offering. We will further review the transactions after they close, including the proposal to amend and extend the asset-based loan. The ratings on Hexion, including the '###+' corporate credit rating, are unchanged. The rating outlook...
