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Credit Suisse Chemical Conference

March 25, 2008
Forward-Looking Statements

 Certain information in this presentation may be considered forward-looking information
 withi...
Today’s Presenters


         Craig O. Morrison                        William Carter
         Chairman, President &      ...
Hexion Overview
Craig O. Morrison
Chairman, President & Chief Executive Officer
2007 Results Continue to Validate Hexion’s
      Strategy as the Global Thermoset Resins Leader

               Strong top...
Hexion Historical Summary

         Hexion Pro Forma Revenue                                                              ...
Raw Material Volatility continues into 2008                                               Value
                          ...
Hexion’s Diversification Offsets Segment
  Cyclicality and Provides Growth Opportunities
                                 ...
Diversified Product Portfolio Drives Across-the-
                                                                    Value...
Hexion’s Value Creation Levers Fuel                                          Global
Top and Bottom Line Growth            ...
Six Sigma Savings Exceeded $44 million in 2007                                                   Core
                    ...
Synergies Remain an Ongoing Focus of
                                                                                     ...
Synergy Actions Designed to Strategically                                                                                 ...
Our Broad Geographic Footprint Allows Hexion                                                                 Global
 to Se...
Hexion Continues to Focus on Key Growth Initiatives                      Growth
                                          ...
New Product Development: Customer-Driven
                                                                                 ...
Six Opportunistic Bolt-On Acquisitions in FY06-’07    Successful
                                                      Acq...
Experienced Management Team Provides The
Capability and Capacity to Successfully Lead                                     ...
Financial Review
William Carter
Executive Vice President & Chief Financial
Officer
Financial Highlights


  Highly diversified revenue base
       Customers, end markets, geographies
       Stable primary ...
Epoxy and Phenolic Resins
Fiscal Year 2007 Segment Highlights



                     Year Ended December 31           Str...
Formaldehyde and Forest Products Resins
Fiscal Year 2007 Segment Highlights



                     Year Ended December 31...
Coatings and Inks
Fiscal Year 2007 Segment Highlights



                                                     Focused cost...
Performance Products
Fiscal Year 2007 Segment Highlights



                    Year Ended December 31            Robust d...
Pro Forma Free Cash Flow


($ millions)                  PF Adj.
                              12/31/07                   ...
Low Capital Intensity

                                                                   Capital Expenditures
           ...
Balance Sheet Update


 Hexion generated $174 million in cash from operations in 2007

 In FY07, Hexion funded $130 millio...
Long Dated Debt Maturity Profile


                                                                      Debt Maturities

...
Hexion Capitalization (12/31/07)

       ($ millions)
                                                                    ...
Transaction Update
Craig O. Morrison
Hexion & Huntsman: Creating a Global Leader

                                 Pro forma Revenues = $15.5 billion
      Com...
Pending Transaction Provides Strong Growth
Potential in Asia Pacific Region


Hexion’s Asia Pacific Footprint             ...
Summary
Hexion - Summary


         FY07 sales increased 12% and Segment EBITDA
         increased 17% compared to prior year

   ...
Appendices
Reconciliation of Non-GAAP Financial Measures
 ($ millions)                                       Three months ended Dec. ...
Fixed Charge Covenant Calculations

                                                    Year Ended
                       ...
Fixed Charge Covenant Calculations cont.


 Footnotes

1)   Represents the incremental EBITDA impact for the Orica Acquisi...
Debt at December 31, 2007

    ($ in millions)

    Senior Secured Credit Facilities:                                     ...
Hexion CSFBConferenceMarch2008Final
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Transcript of "Hexion CSFBConferenceMarch2008Final"

  1. 1. Credit Suisse Chemical Conference March 25, 2008
  2. 2. Forward-Looking Statements Certain information in this presentation may be considered forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. This information is based on the Company's current expectations and actual results could vary materially depending on risks and uncertainties that may affect the Company's operations, markets, services, prices and other factors as discussed in filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, industry and economic conditions, competitive, legal, governmental and technological factors. There is no assurance that the Company's expectations will be realized. The Company assumes no obligation to update any forward-looking information contained in this presentation should circumstances change, except as otherwise required by securities and other applicable laws. This presentation contains non-GAAP financial measures. A reconciliation to the nearest U.S. GAAP financial measures is included at the end of the presentation. 2
  3. 3. Today’s Presenters Craig O. Morrison William Carter Chairman, President & Executive Vice President & Chief Executive Officer Chief Financial Officer Joined Hexion in March 2002 as Joined Hexion in April 1995 as CFO of President and CEO of Borden Chemical Borden Inc. Previous roles include: Key member of Borden restructuring President & GM, Alcan team Pharmaceutical and Cosmetic Previous roles include: Packaging 20 years at Pricewaterhouse LLP, President and COO, Paxar including role as Engagement Partner President and GM, Van Leer for Borden Containers, Inc. Manager, General Electric Plastics Consultant, Bain & Company 3
  4. 4. Hexion Overview Craig O. Morrison Chairman, President & Chief Executive Officer
  5. 5. 2007 Results Continue to Validate Hexion’s Strategy as the Global Thermoset Resins Leader Strong top line growth of 12% versus FY06 Operating income reached $302 million, a 22% percent increase compared to FY06, net of divestitures Segment EBITDA of $611 million, an increase of 17%, versus $524 million in prior year (1) Adjusted EBITDA of $707 million resulting in an interest coverage ratio of 2.58 The Arkema forest products transaction – completed in Q407 – continues our accretive bolt-on acquisition strategy in the high-growth east German region Announced Huntsman merger provides an opportunity for transformational growth as a leading global specialty chemical company (2) Hexion Posted Strong Year-over-Year Performance (1) Segment EBITDA and Adjusted EBITDA are non-GAAP financial measures. The closest GAAP financial measure is Net Income (Loss). A table that reconciles these two measures is at the end of this presentation. Management believes that Adjusted EBITDA is meaningful to investors because the Company is required to have an Adjusted EBITDA to Fixed Charges ratio of greater than 2.0 to 1.0 to incur additional indebtedness under its indenture for the Second Priority Senior Secured Notes. As of December 31, 2007, the Company was able to satisfy this covenant and incur additional indebtedness under its indentures. December 31, 2007 Adjusted EBITDA includes $55 million of in-process Hexion synergies and $38 million of acquisition adjustments. (2) Transaction remains subject to various conditions, including expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Act, review by foreign jurisdictions and other customary closing conditions. 5
  6. 6. Hexion Historical Summary Hexion Pro Forma Revenue Hexion EBITDA ($ millions) ($ millions) $5,810 $707 (3) $5,205 $4,717 (1) $611 $4,105 (1) $524 $480 $364 2004 2005 2006 2007 2004 2005 2006 2007 Adj PF 2007 Revenue CAGR: 12 % EBITDA CAGR: 19 % (1) Includes the acquisition of Bakelite in April 2005 as if it occurred on January 1, 2005. (2) 2007 Adjusted EBITDA includes $55 million of in-process Hexion synergies and $38 million of acquisition adjustments. Note: 2004 Pro Forma Revenue and Pro Forma Adjusted EBITDA consists of the combined results of Borden, RPP, RSM, and Bakelite, as if Hexion had been formed on January 1, 2003. Resolutions Specialty Materials and Resolution Performance Products owned by affiliates of Apollo Management L.P. prior to formation of Hexion. 6
  7. 7. Raw Material Volatility continues into 2008 Value Creation 55% increase over past two years Negative lead/lag impact of $16 million in Q407 Hexion Composite Raw Material Index at December 2007 increased 30% compared to Q307 Ongoing focus on pricing actions to compensate for the rapid rise in raw materials Hexion Composite Raw Material Index 1.6 1.5 1.4 1.3 1.2 1.1 1.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2006 2007 Source: CMAI data. Key Raw Materials at or near Historical Highs as of Year-end 2007 7
  8. 8. Hexion’s Diversification Offsets Segment Cyclicality and Provides Growth Opportunities 2007 Revenue: $5.8 billion End Use Markets (1) 2007 Geographies Food & Beverage 2% Ot her 5% Archit ect ural Asia Pacific 4% Const ruct ion Indust rial/ Marine 18% & ROW 4% 16% United Oil Field E&P 4% States Elect ronics 6% Consumer/ 42% Durable Goods Civil Engineering 14% 6% Repair/ Remodel 7% New Home Europe Graphic Art s Const ruct ion 12% 42% 7% Aut omot ive 11% Stable and Diversified Revenue Base: Largest Customer < 3% of 2007 Sales Top Ten Customers: ≈15% of 2007 Sales 8 (1) Based on 2006 results.
  9. 9. Diversified Product Portfolio Drives Across-the- Value Board Segment Growth Creation Revenue Segment EBITDA FY07 vs. FY06 FY07 vs. FY06 Epoxy & Phenolic 13% 24% Resins Forest & Formaldehyde 15% 6% Products Coatings & Inks 6% 6% Performance Products 9% 26% Improving Segment EBITDA Margins in FY07 9
  10. 10. Hexion’s Value Creation Levers Fuel Global Top and Bottom Line Growth Thermoset Leader Core Business Processes •Six Sigma Experienced •SAP Management Achieving •Sourcing Team Synergies Value Creation Accretive Global Acquisitions Footprint Growth Initiatives Hexion Continues to Execute its Strategic and Operational Plan 10
  11. 11. Six Sigma Savings Exceeded $44 million in 2007 Core Business Processes 2007 Six Sigma Savings Six Sigma Focused on ($ in millions) Continuous Improvement $20 Wide range of projects, including: $15 Volume: Capacity creation Raw Materials: yield improvement $7 $5 Operational cost efficiencies $2 Distribution: freight savings Approximately 275 active Six Volume/ Margin Processing Inventories Distribution Sigma projects anticipated in FY08 Over Costs and Other Growth Materials 11
  12. 12. Synergies Remain an Ongoing Focus of Synergy Senior Management Achievement Hexion Synergy Run Rate Summary ($ millions) $150 million run rate achieved in 2007 All Phase II actions expected to be taken in 2008 $175 SG&A as a percentage of sales improved to $150 7.1% in FY07 vs. 7.4% in FY06 $70 Total Synergy Program Targets SG&A $37 mm Sourcing $72 mm FY06 FY07 FY08 $66 mm Sourcing Manufacturing SG&A Manufacturing Hexion Continues to Achieve Targeted Synergies 12
  13. 13. Synergy Actions Designed to Strategically Synergy Optimize Manufacturing Footprint Achievement Site actions related to Hexion’s synergy programs include: Hernani, Spain (Phenolic Resins) Santo Varao, Portugal (Inks) (1) Pleasant Prairie, Wisconsin (Inks) Lynwood, California (1) (Coatings) Clayton, U.K. (Coatings) Hamburg, Germany (Coatings) Molndal, Sweden (Coatings) LaVal, Quebec (Forest Products) Virginia, Minnesota (Forest Products) Vancouver, British Columbia (Forest Products) High Point, North Carolina (Forest Products) Productivity and Synergy Programs Continue (1) Sites operational; actions included stopping production of heatset ink vehicles at Pleasant Prairie location and solvent-based coatings at our Lynwood California facility. 13
  14. 14. Our Broad Geographic Footprint Allows Hexion Global to Serve Customers Around the Globe Footprint Europe: 32 Mfg. Sites North America: 41 Mfg. Sites Latin America: 6 Mfg. Sites Asia Pacific: 20 Mfg. Sites Hexion’s Existing Footprint Provides a Significant Growth Platform (1) Reflects manufacturing facilities as of Dec. 31, 2007 14
  15. 15. Hexion Continues to Focus on Key Growth Initiatives Growth Initiatives Technology Global Reformulation Expansion Technology Cross Fertilization Hexion’s Product Portfolio Provide a Strong Base for Growth 15
  16. 16. New Product Development: Customer-Driven Growth Solutions Initiatives Product Description Adhesive technologies designed to provide engineered wood materials with structural fire performance equal to solid lumber. www.hexitherm.com Ultra-low emitting resin technologies for wood product manufacturers ( urea formaldehyde- based or utilize alternative chemistries). www.ecobind.com Family of oilfield technology products designed for high- pressure, high-temperature (HPHT) wells Non-radioactive, resin-coated proppant with “tracer materials” to track proppant location within wells 550 Scientists Globally and Strong Technical Field Staff Deliver Customer Solutions Aimed at Improving Plant Yields and Reducing Fixed Costs 16
  17. 17. Six Opportunistic Bolt-On Acquisitions in FY06-’07 Successful Acquisitions Acquisitions Rhodia Coatings Akzo Nobel Coatings & Inks Rohm and Haas Wax Assets Orica Resins Wright Chemical Arkema GmbH 17
  18. 18. Experienced Management Team Provides The Capability and Capacity to Successfully Lead Experienced Management Hexion Team Chairman & CEO Craig Morrison CFO Bill Carter Human Resources President President President Judy Sonnett Epoxy & Phenolic & Performance Coating Forest Product Products & Inks Environmental Health Resins Resins Resins & Safety Rick Monty Kees Verhaar Jody Bevilaqua Sarah Coffin Chief Technology Officer Divisions structured to optimize assets and Rich Myers market alignment Business Development Elliot Fullen Functional leaders selected for industry leading expertise IT Division Presidents: Kevin McGuire Average 25 years in chemical and resin industry experience Sourcing Nathan Fisher Strong track record of merger integration and growth Six Sigma Management ownership of approximately 7% Dalchand Laljit Legal Mary Ann Jorgenson 18
  19. 19. Financial Review William Carter Executive Vice President & Chief Financial Officer
  20. 20. Financial Highlights Highly diversified revenue base Customers, end markets, geographies Stable primary end market demand Strong free cash flow characteristics Low capital expenditures Low annual total capex requirements Maintenance capex requirement of $65 million or 1-2% of sales Opportunity to optimize manufacturing footprint, reducing capex requirements in longer-term Low working capital requirements with opportunities for continued improvement Favorable tax attributes due to NOLs and tax efficient structuring will minimize cash taxes going forward SAP “Single Global Instance” system: as of Dec. 31, 2007, locations that comprise 90% of our revenue are on the new system Significant cross-selling opportunities and cost reduction initiatives will enhance Hexion revenue and EBITDA over the long-term 20
  21. 21. Epoxy and Phenolic Resins Fiscal Year 2007 Segment Highlights Year Ended December 31 Strong revenue and EBITDA growth reflects favorable product mix and positive ($ in millions) 2007 2006 ∆ demand from a variety of applications, including wind Revenue $2,424 $2,152 ↑ 13% energy, electronics, aerospace and international Segment construction $337 $271 ↑ 24% EBITDA 21
  22. 22. Formaldehyde and Forest Products Resins Fiscal Year 2007 Segment Highlights Year Ended December 31 International markets drove revenue and Segment EBITDA gains despite rapid ($ in millions) 2007 2006 ∆ rise in raw materials and slowdown in North American Revenue $1,663 $1,440 ↑ 15% housing Segment $165 $156 ↑ 6% EBITDA 22
  23. 23. Coatings and Inks Fiscal Year 2007 Segment Highlights Focused cost control Year Ended December 31 programs, coupled with site rationalizations, ($ in millions) 2007 2006 ∆ significantly improved cost structure Revenue $1,330 $1,254 ↑ 6% Segment $86 $81 ↑ 6% EBITDA 23
  24. 24. Performance Products Fiscal Year 2007 Segment Highlights Year Ended December 31 Robust demand for oilfield products, combined with Asia Pacific regional growth, ($ in millions) 2007 2006 ∆ contributed to strong revenue and Segment Revenue $ 393 $ 359 ↑ 9% EBITDA gains Segment $ 77 $ 61 ↑ 26% EBITDA 24
  25. 25. Pro Forma Free Cash Flow ($ millions) PF Adj. 12/31/07 Comment Pro Forma Adj. EBITDA $707 Includes $55mm effect of in process synergies and $38mm of acquisitions/divestitures Less: Cash Taxes (40) Highly favorable tax situation due to NOLs, structuring Less: Cash Interest Expense (300) Less: Capital Expenditures (125) $125mm normalized annual target; 2008E capital expense target reflects additional growth projects Change in Working Capital -- Significant reduction opportunity over the next two years offsets growth impacts Other (25) Pension, OPEB, and other cash costs PF Free Cash Flow ~ $220 25
  26. 26. Low Capital Intensity Capital Expenditures ($ millions) % of Sales $125 $125 $122 $123 3.5% $115 3.3% $111 3.0% 3.0% 2.5% $100 2.3% 2.0% 2.4% 2.1% 1.5% $75 1.0% 0.5% $50 0.0% 2003 2004 2005 2006 2007 Capital Expenditures Capex as % of Sales Hexion targeting $150 million of annual capex in 2008 (1) $55 - $60 million for maintenance projects in 2008 (1) 2008 targeted capital expenditures excludes any Huntsman merger-related activities and synergy-related projects 26
  27. 27. Balance Sheet Update Hexion generated $174 million in cash from operations in 2007 In FY07, Hexion funded $130 million for the acquisitions of Orica and Arkema GmbH and $100 million for Huntsman acquisition costs Strong liquidity position: cash plus borrowing availability of $485 million at December 31, 2007 Ongoing focus on working capital improvements in 2008 and maintaining a disciplined approach to capital spending 27
  28. 28. Long Dated Debt Maturity Profile Debt Maturities $2,400 $2,200 $2,000 $1,800 $1,600 ($ in m illions) $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015+ Note: Debt maturity graphs exclude capital leases, other debt, and Borden foreign bank debt. 28
  29. 29. Hexion Capitalization (12/31/07) ($ millions) Multiple of PF 12/31/07 Adj. EBITDA (1) Cash $199 Revolver $0 Bank Debt 2,282 3.2 Net Total 1st Lien Senior Secured Debt $2,282 3.2x Second-Priority Senior Secured Notes 825 4.4 Net Senior Secured Debt $3,107 4.4x Sinking Fund Debentures due 2016 78 4.5 Debentures due 2021 115 4.7 Debentures due 2023 247 5.0 Other Debt 173 5.3 Net Debt $3,520 5.0x Adj. EBITDA $707 (1) December 31, 2007 Adjusted EBITDA includes $55 million of Hexion in-process synergies and $38 million of acquisition adjustments. 29
  30. 30. Transaction Update Craig O. Morrison
  31. 31. Hexion & Huntsman: Creating a Global Leader Pro forma Revenues = $15.5 billion Combined Company Revenues (3) Revenue by Region by Reportable Segments (1) (2) Huntsman Perf. Produts Pigments 15% Materials & 7% Effects North Hexion Perf. 16% ROW America Products 9% 2% 40% Coatings & Inks 8% Form. & Forest Asia Pacific Products Europe 14% 11% 37% Epoxy & Polyurethanes Phenolic Resins 25% 16% “Newco” Establishes an Industry Leader with Strong Top and Bottom Line Growth Potential (1) Reflects Huntsman 2007 Revenue of $9.650.8 billion as presented in Huntsman’s Fourth Quarter 2007 earnings release. Huntsman revenue pro forma for butadiene/MTBE, U.S. and European Base Chemicals and Polymers divestitures as disclosed in release. Hexion revenue reflects 2007 sales of $5.810 billion as presented in Hexion’s Form 10-K filing. (2) While Hexion and Huntsman each have divisions referred to as “Performance Products,” both the products and end-markets served in these segments are different and unique from each other. (3) Reflects Huntsman’s Q3 2007 YTD differentiated revenues, including Polyurethanes, Materials & Effects, Performance Products and Pigments, as presented at the Merrill Lynch Leveraged Finance Conference (November 2007.) Hexion revenue reflects 2007 sales by geography of $5.8 billion as presented in Hexion’s Form 10-K filing. 31
  32. 32. Pending Transaction Provides Strong Growth Potential in Asia Pacific Region Hexion’s Asia Pacific Footprint “New Huntsman” in Asia (1) Asia Pacific region has 20 56 sites manufacturing sites spread across $1.5 billion (17%) of Global Differentiated China, Malaysia, Thailand, Korea, Revenue (2006PF) New Zealand and Australia FY07 ROW sales: $1.4 B (1) Reflects 2006 PF Differentiated Revenue Distribution. Source of Huntsman map: February 2007 Analyst Day Presentation. Pro forma 2006 revenues to include Polyurethanes, Advanced Materials, Textile Effects, Performance Products and Pigments. 32
  33. 33. Summary
  34. 34. Hexion - Summary FY07 sales increased 12% and Segment EBITDA increased 17% compared to prior year Ongoing focus on pricing actions to compensate for the rapid rise in raw materials Diversified technology and global footprint provide an ongoing basis for growth On track to meet our $175 million synergy commitment The announced merger with Huntsman, subject to regulatory review and other customary closing conditions, will create one of the world’s largest specialty chemical (1) companies Hexion Continues to Execute its Strategic and Operational Plan (1) Transaction remains subject to various conditions, including expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Act, review by foreign jurisdictions and other customary closing conditions. 34
  35. 35. Appendices
  36. 36. Reconciliation of Non-GAAP Financial Measures ($ millions) Three months ended Dec. 31, Fiscal Year ended Dec. 31 2007 2006 2007 2006 Segment EBITDA: Epoxy and Phenolic Resins 62 66 337 271 Formaldehyde and Forest Product Resins 39 43 165 156 Coatings and Inks 17 11 86 81 Performance Products 20 14 77 61 Corporate and Other (13) (11) (54) (45) Total 125 123 611 524 Reconciliation: Items not included in Segment EBITDA Transaction costs -- 1 (1) (20) Integration costs (10) (12) (38) (57) Non-cash charges (37) (9) (54) (22) Unusual items: Gain on sale of business -- (1) 8 39 Purchase accounting effects/inventory step-up (1) -- (1) (3) Discontinued operations -- -- -- (14) Business realignments (5) 6 (21) 2 Other (8) (2) (17) (10) Total unusual items (14) 3 (31) 14 Total adjustments (61) (17) (124) (85) Interest expense, net (73) (71) (310) (242) Loss on extinguishment of debt -- (69) -- (121) Income tax benefit (expense) (1) 27 (44) (14) Depreciation and amortization (53) (48) (198) (171) Net income (loss) (63) (55) (65) (109) 36
  37. 37. Fixed Charge Covenant Calculations Year Ended Dec. 31, 2007 Reconciliation of Net Loss to Adj. EBIT DA Net loss $ (65) Income taxes 44 Interest expense, net 310 Depreciation and amortization expense 198 EBITDA 487 Adjustments to EBIT DA Acquisitions EBITDA (1) 38 Transaction costs 1 Integration costs (2) 38 Non-cash charges (3) 54 Unusual items: Gain on divestiture of business (8) Purchase accounting/inventory step-up 1 Business realignments (4) 21 Other (5) 20 Total unusual items 34 In process Synergies (6) 55 Adjusted EBITDA (7) $ 707 Fixed Charges (8) 274 Ratio of Adj. EBITDA to Fixed Charges 2.58 37
  38. 38. Fixed Charge Covenant Calculations cont. Footnotes 1) Represents the incremental EBITDA impact for the Orica Acquisition and the Arkema acquisition as if they had taken place at the beginning of the period. Also includes the impact of in-process synergies related to the Coatings and Inks acquisitions. 2) Represents redundancy and incremental administrative costs from integration programs. Also includes costs related to implementation of a single, company-wide management information and accounting system. 3) Includes non-cash charges for fixed asset impairments, stock based compensation, and unrealized foreign exchange and derivative activity. 4) Represents plant rationalization, headcount reduction and other costs associated with business realignments. 5) Includes the impact of the announced divestiture of the European solvent coating resins business as if it had taken place at the beginning of the period, management fees, costs to settle a lawsuit, realized foreign currency activity, and costs for unplanned plant outages. 6) Represents estimated net unrealized synergy savings from the Hexion Formation. 7) The charges reflect pro forma interest expense at March 3, 2008 as if the Orica A&R acquisition, the Arkema acquisition, and the amendment of our senior secured credit facilities had taken place at the beginning of the period. 8) Company is required to maintain an Adjusted EBITDA to Fixed Charges ratio of greater than 2.0 to 1.0 to incur additional indebtedness under its indenture for the Second Priority Senior Secured Notes. As of December 31, 2007, the Company was able to satisfy this covenant and incur additional indebtedness under this indenture. 38
  39. 39. Debt at December 31, 2007 ($ in millions) Senior Secured Credit Facilities: 12/31/2007 12/31/2006 Floating rate term loans due 2013 $ 2,282 $ 1,995 Revolving credit facilities due 2011 -- 23 Senior Secured Notes: 9.75% Second-priority senior secured notes due 2014 625 625 Floating rate second-priority senior secured notes due 2014 200 200 Debentures: 9.2% debentures due 2021 115 115 7.875% debentures 2023 247 247 Sinking fund debentures: 8.375% due 2016 78 78 Other Borrowings: Australian Multi-Currency Term/Working Capital Facility due 2012 69 -- Industrial Revenue Bonds due 2009 34 34 Capital Leases 12 11 Other 58 64 Total debt $ 3,720 $ 3,392 39
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