Huntsman Repays $725 Million of Debt
January 16 2007 - 5:30PM
PR Newswire (US)
Company Continues to Deliver on Plan to Strengthen Balance Sheet
THE WOODLANDS, Texas, Jan. 16 /PRNewswire-FirstCall/ -- Huntsman
Corporation (NYSE:HUN) today announced that its subsidiary,
Huntsman International LLC, completed a 75 million US dollar
equivalent voluntary principal repayment of its term loan B under
its senior secured credit facilities. This repayment is in addition
to repayments of debt that Huntsman made on December 29, 2006,
using net proceeds Huntsman received from the sale of its European
commodity chemicals business to Saudi Basic Industries Corporation
(SABIC). Proceeds from the December 29 sale were used to repay 400
million US dollar equivalents of its term loan B under its senior
secured credit facilities, and to repay by means of defeasement the
remaining $250 million of its 9.875% senior unsecured notes due
2009 by depositing sufficient funds with the notes' trustee for
redemption of the notes, which the trustee is scheduled to complete
on March 1, 2007. Peter Huntsman, President and CEO of Huntsman,
commented, "We enter 2007 with a demonstrated commitment to
delivering on our plan to make strategic divestitures and pay down
debt, even as we continue to grow our differentiated businesses."
Huntsman is a global manufacturer and marketer of differentiated
chemicals. Its operating companies manufacture products for a
variety of global industries, including chemicals, plastics,
automotive, aviation, textiles, footwear, paints and coatings,
construction, technology, agriculture, health care, detergent,
personal care, furniture, appliances and packaging. Originally
known for pioneering innovations in packaging and, later, for rapid
and integrated growth in petrochemicals, Huntsman today has 14,000
employees and over 75 operations in 24 countries. The Company had
2005 revenues of $13 billion. 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 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. In addition, completion of transactions of the type
described in this release is subject to a number of uncertainties
and to negotiation and execution of definitive agreements among the
parties and closing will be subject to approvals and other
customary conditions. Accordingly, there can be no assurance that
the transactions will be completed or that the company's
expectations will be realized. The company assumes no obligation to
provide revisions to any forward-looking statements should
circumstances change, except as otherwise required by securities
and other applicable laws. For additional information, please see
our current report on form 8-K filed on the date hereof concerning
the same subject matter. DATASOURCE: Huntsman Corporation CONTACT:
Media, Russ Stolle, +1-281-719-6624, or Investor Relations, John
Heskett, +1-801-584-5768, both of Huntsman Corporation
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