Chemtura obtains DIP financing

Chemtura, which filed for chapter 11 on 18 March, obtained debtor-in-possesssion financing on Friday, 20 March. According to an SEC filing submitted today, the DIP provides for a first priority and priming secured revolving credit commitment of up to $400 million.

The current debt outstanding as a result of the chapter 11 filing involves the following financial obligations:

1. $500 million of 6.875% notes due 2016, under agreement dated 24 April 2006;
2. $400 million of 7% notes due 15 July 2009 under agreement dated 16 July 1999;
3. $150 million of 6.875% debentures due 2026, under agreement dated 1 February 1993;
4. $189 million revolving loans due 2009 under agreement dated 12 December 2005.