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08-31-2010: Chemtura Corporation, debtor-in possession, announced that it has completed its previously announced private placement offering of $455 million in principal amount of 7.875% unsecured senior notes due 2018 (the “senior notes”).
Chemtura also entered into its previously announced senior secured term loan facility in the principal amount of $295 million (the “term loan”). Chemtura issued the senior notes and entered into the term loan to fund its anticipated exit financing package required under its Chapter 11 plan of reorganization (the “Plan”), if the Plan is confirmed. The net proceeds of the senior notes and term loan have been funded into segregated escrow accounts for release to Chemtura if the Plan is confirmed by the Bankruptcy Court and certain other conditions are satisfied.
Upon satisfaction of the escrow conditions, including confirmation of the Plan, Chemtura intends to use the net proceeds of the senior notes and the term loan, together with cash on hand, to make payments contemplated under the Plan and to fund Chemtura’s emergence from Chapter 11.
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