THE WOODLANDS, Texas,
April 4, 2016 /PRNewswire/ --
Huntsman Corporation (NYSE: HUN) today announced that its wholly
owned subsidiary, Huntsman International LLC, entered into a new
$550 million term loan B due
2023. Proceeds from the new term loan were used to repay in
full its term loan B due 2017 and remaining term loan C due
2016.
The interest rate for the new term loan B is LIBOR plus 3.50%
with a LIBOR floor of 0.75%. Based upon the company's current
LIBOR forecast, it expects interest expense of approximately
$215 million in total within
2016.
The company also extended its revolving credit facility to 2021
in the increased amount of $650
million.
Kimo Esplin, Executive Vice
President and CFO, commented: "This refinancing extends our debt
maturities for several years providing greater flexibility for the
deployment of cash allocation. Our free cash flow generation
will improve by $350 million in 2016
compared to the prior year; we expect additional improvements in
subsequent years. We intend to reduce our debt by more than
$500 million over the next three
years with our increased free cash flow generation."
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer
and marketer of differentiated chemicals with 2015 revenues of more
than $10 billion. 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 approximately 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.
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SOURCE Huntsman Corporation