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February 14, 2016 4:41 PM ET


Company Overview of Momentive Performance Materials Worldwide Inc.

Company Overview

Momentive Performance Materials Worldwide Inc. produces silicones and silicone derivatives, and products derived from quartz and specialty ceramics. The company’s Silicones segment produces silicones and silicone derivatives used in personal care, home care and auto care, textiles, oil and gas, industrial, and agriculture markets; resins used in tires, additives, masonry water repellents, and protective coatings; and intermediate products used as inputs for other product portfolios. Momentive Performance Materials Worldwide Inc. was incorporated in 2006 and is based in Wilton, Connecticut. Momentive Performance Materials Worldwide Inc. operates as a subsidiary of Momentive Performance Materi...

187 Danbury Road

Wilton, CT 06897

United States

Founded in 2006





Key Executives for Momentive Performance Materials Worldwide Inc.

Chairman, Chief Executive Officer and President
Age: 59
Chief Financial Officer, Executive Vice President and Director
Age: 61
Executive Vice President of Procurement
Age: 49
Senior Vice President of Finance and Treasurer
Age: 58
Principal Accounting officer and Controller
Age: 44
Compensation as of Fiscal Year 2015.

Momentive Performance Materials Worldwide Inc. Key Developments

Amended Reorganization Plan Filed by MPM Silicones, LLC

MPM Silicones, LLC, along with its affiliates, filed an amended joint plan of reorganization in the US Bankruptcy Court on September 24, 2014. As per the amended plan filed, there are no changes in the treatment of claims.

First Amended Reorganization Plan Approved for MPM Silicones, LLC

The US Bankruptcy Court approved the first amended plan of reorganization of MPM Silicones, LLC on September 11, 2014. The debtor has filed its first amended plan in the Court on June 18, 2014. As per the confirmed plan, administrative expense claims of $32 million, Fee Claims of $21.2 million, U.S. Trustee fee of $0.09 million will be paid in full in cash. DIP term loan claims, priority tax claims, priority non-tax claims, cash flow facility claims, 1.5 lien note claims will be paid in full in cash. First Lien Note claims of $1.01 billion and 1.5 Lien Note claims of $250 million shall be paid in full in cash if claimants accept the plan. Other Secured Claims of $2.25 million will be paid in full in cash. DIP term loan claims shall be paid in cash. DIP ABL claims shall be satisfied in full by either conversion of DIP ABL Facility into the New ABL Facility, or payment in full in cash. Second Lien Note Claims of $351.13 million will be settled by issuing equity. Incremental Facility will be senior second-priority secured notes issued by reorganized MPM in a Rule 144A or other private placement yielding $250 million in aggregate gross cash proceeds. General Unsecured Claims of $23.5 million shall either be reinstated or paid in full in cash. Holdings PIK Note Claims of $877 million will have a recovery of less than 1%. Senior subordinated note claims and existing securities law claim will receive no distribution. Intercompany claims shall be reinstated. Holders of existing interests will not receive any distribution and their equity interests in the debtor will be cancelled. The plan will be funded by the debtors’ cash on hand, new first lien term loan, new ABL facility, incremental facility, rights offerings and new common stock to the extent necessary. The plan will be funded by issuing a maximum number of 34.72 million shares in rights offering to raise $600 million.

Exit Financing Approved for MPM Silicones, LLC

The US Bankruptcy Court gave an order to MPM Silicones, LLC to obtain exit financing on July 18, 2014. As per the order, the debtor has been authorized to obtain a second lien secured bridge loan facility in the amount of $250 million from JPMorgan Securities LLC, Citigroup Global Markets, Inc., and Credit Suisse Securities (USA) LLC with JPMorgan Chase Bank, N.A acting as the administrative agent. The exit facility would carry an interest rate of LIBOR plus 6% p.a., along with a 2% p.a. interest in the event of default. As per the terms of the exit financing agreement, the loan carries a commitment fee of 1% p.a. The exit facility will mature on the date that is eight years after the Closing Date. The proceeds of exit facility would be used to refinance certain existing indebtedness of the debtor.

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