Simpson Thacher Represents JPMorgan in connection with Asset-Based Credit Facilities for Momentive Specialty Chemicals Inc. and Momentive Performance Materials Inc.
05.02.13
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Simpson Thacher recently represented JPMorgan as a lead arranger and administrative agent in connection with a new $400 million senior secured asset-based credit facility for Momentive Specialty Chemicals Inc. (“MSC”) and $270 million senior secured asset-based credit facility for Momentive Performance Materials Inc. (“MPM”), each to replace all or part of its respective existing revolving credit facility. The MSC credit facility has US, Canadian, Dutch and English borrowers, and the MPM credit facility has US, Canadian and German borrowers.
MSC is the world’s largest producer of thermosetting resins, or thermosets and a leading producer of adhesive and structural resins and coatings. MPM is believed to be one of the world's largest producers of silicones and silicone derivatives and a global leader in the development and manufacture of products derived from quartz and specialty ceramics. Momentive Performance Materials Holdings LLC is the parent of both MSC and MPM and is controlled by investment funds managed by affiliates of Apollo Management Holdings, L.P.
The Simpson Thacher team included William Sheehan, Makiko Harunari, Andrew Des Rault and Chinh Vo (Banking and Credit); Chang Choi (Tax); David Rubinsky, Tamaron Greene and retired partner Alvin Brown (Executive Compensation and Employee Benefits); Mindy Lok (Intellectual Property); and Mardi Merjian (Real Estate).