THE WOODLANDS, Texas,
Nov. 14, 2014 /PRNewswire/ --
Huntsman Corporation (NYSE: HUN) today announced that it has
completed its previously announced $400
million offering of 5.125% Senior Notes due 2022 through its
wholly owned subsidiary, Huntsman International LLC.
Huntsman intends to use the net proceeds from the offering to
redeem all of its 8.625% Senior Subordinated Notes due 2020, pay
associated accrued interest and for general corporate
purposes. In connection with this transaction, Huntsman
expects to incur charges of approximately $28 million related to the early extinguishment
of debt in the fourth quarter of 2014.
Kimo Esplin, Executive Vice
President and CFO, stated, "The successful issuance of these notes
will reduce our borrowing cost by 3.5% on $350 million of debt. As a result of this
refinancing, we will save approximately $12
million in annual interest expense. We have
approximately $530 million of
additional 8.625% notes due 2021 and will continue to look for
future opportunities to refinance as practicable."
About Huntsman:
Huntsman Corporation is a publicly
traded global manufacturer and marketer of differentiated chemicals
with 2013 revenues of approximately $13
billion including the acquisition of Rockwood's performance additives and
TiO2 businesses. Our chemical products number in the
thousands and are sold worldwide to manufacturers serving a broad
and diverse range of consumer and industrial end markets. We
operate more than 100 manufacturing and R&D facilities in more
than 30 countries and employ approximately 15,000 associates within
our 5 distinct business divisions. For more information about
Huntsman, please visit the company's website at
www.huntsman.com.
Social Media:
Twitter:
twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn:
www.linkedin.com/company/huntsman
Forward-Looking Statements:
Statements in this
release that are not historical are forward-looking statements.
These statements are based on management's current beliefs and
expectations. The forward-looking statements in this release are
subject to uncertainty and changes in circumstances and involve
risks and uncertainties that may affect the company's operations,
markets, products, services, prices and other factors as discussed
in the Huntsman companies' filings with the U.S. Securities and
Exchange Commission. Significant risks and uncertainties may relate
to, but are not limited to, financial, economic, competitive,
environmental, political, legal, regulatory and technological
factors. The company assumes no obligation to provide
revisions to any forward-looking statements should circumstances
change, except as otherwise required by applicable laws.
SOURCE Huntsman Corporation