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Huntsman Corporation Message Board

  • dai.dalos dai.dalos Sep 27, 2010 6:34 PM Flag

    Huntsman Announces Completion of Financing Transactions

    Huntsman Announces Completion of Financing Transactions
    Company Also Announces Early Tender Results for Cash Tender Offer for Senior Subordinated Notes due 2014

    THE WOODLANDS, Texas, Sept 27, 2010 /PRNewswire via COMTEX/ --

    Huntsman Corporation (NYSE: HUN) today announced that on September 24, 2010, its wholly-owned subsidiary, Huntsman International LLC, consummated its previously announced $350 million offering of senior subordinated notes due 2021 (the "2021 Notes"). The 2021 Notes will carry an interest rate of 8 5/8% and will mature on March 15, 2021.

    The company also announced that Huntsman International used approximately $183 million of the net proceeds of the offering to purchase approximately euro 132 million (approximately $177 million equivalent) in aggregate principal amount of its 6 7/8% Senior Subordinated Notes due 2013 in a tender offer conducted outside the United States.

    Huntsman International intends to use the remaining net proceeds to purchase a portion of its senior 7 7/8% Senior Subordinated Notes due 2014 (the "2014 Notes") in connection with its previously announced cash tender offer for the 2014 Notes. As of 5:00 p.m., New York City time, on September 24, 2010, the early tender date, holders had validly tendered an aggregate principal amount of approximately $159million of 2014 Notes in the tender offer. Notes tendered in the tender offer may no longer be withdrawn, except as required by law. Subject to the terms and conditions of the tender offer, the company expects to pay for 2014 Notes that have been validly tendered and not validly withdrawn on the business day after the October 8, 2010 expiration date for the offer.

    Huntsman International expects to incur a charge of approximately $14 million for the early retirement of the notes purchased in the tender offers.

    Huntsman will also increase the size of its revolving credit facility from $225 million to $290million. There are currently no borrowings under this facility.

    Goldman, Sachs & Co. is serving as the dealer manager for the U.S. Tender Offer. Global Bondholder Services Corporation is serving as the depositary and as the information agent for the U.S. Tender Offer. Requests for copies of the Offer to Purchase and related Letter of Transmittal, which contain the full terms and conditions of the U.S. Tender Offer, may be directed to Global Bondholder Services Corporation by telephone at (866) 540-1500 (toll-free) or (212) 430-3774 (collect), or in writing at 65 Broadway, Suite 404, New York, New York 10006. Questions regarding the tender offer may be directed to Goldman, Sachs & Co. at (800) 828-3182 (toll-free) or (212) 902-5183 (collect).

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HUN
22.89+0.07(+0.31%)Dec 22 4:03 PMEST

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