Philadelphia, Pennsylvania -- Chemtura Corp. is planning to offer "$450 million in aggregate principal amount of unsecured senior notes due 2018," the company said 9 Aug.
The proposed offering is part of Chemtura's exit financing package in line with its Chapter 11 plan of reorganisation, if the plan is confirmed by the US bankruptcy court. A hearing is scheduled for 16 Sep 2010.
The company is also planning to arrange a senior term loan facility of $300 million and enter into a $275 million "senior asset-based revolving credit facility for working capital and general working purposes," the statement said.
The net proceeds of the notes offering will be put into a segregated escrow account until the company's plan of reorganisation is confirmed by the bankruptcy court, Chemtura said, adding that if the plan is confirmed the proceeds will be used to make payments and fund the company's emergence from Chapter 11 proceedings.
Chemtura Corp. is a global manufacturer of speciality chemicals, including urethanes and antioxidant/ultraviolet plastic additives. The company reported sales of $2300 million in 2009. (RD)
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