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BULLETIN: Hexion Specialty Chemicals Inc.'s Acquisition Announcement Does Not Affect Ratings Nov 05 Product Image

BULLETIN: Hexion Specialty Chemicals Inc.'s Acquisition Announcement Does Not Affect Ratings Nov 05

  • Published: November 2005
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) Nov. 7, 2005--Standard & Poor's Ratings Services said today that its ratings and outlook on Hexion Specialty Chemicals Inc. (B+/Negative/--) are not affected by the company's announcement that it has entered into a definitive agreement to purchase the decorative coatings and adhesives business unit of The Rhodia Group. These assets accounted for about -150 million of Rhodia's sales. Hexion expects to fund the acquisition through a combination of available cash and availability under its $225 million revolving credit facility. The transaction should close in early 2006 following completion of governmental reviews. The ratings on Hexion reflect our expectation that cash proceeds of at least $360 million from a planned IPO will be used to redeem...

Companies mentioned in this report are: Momentive Specialty Chemicals Inc.
Action: Bulletin

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Momentive Specialty Chemicals Inc.

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