THE WOODLANDS, Texas,
March 18 /PRNewswire-FirstCall/ --
Huntsman Corporation (NYSE: HUN) today announced that it has
completed its previously announced $350
million offering of 8 5/8% senior subordinated notes due
2020 through its wholly owned subsidiary, Huntsman International
LLC.
Huntsman used the net proceeds to refinance approximately
euro 184 million of its senior
subordinated notes due 2013 and approximately euro 59 million of its senior subordinated notes
due 2015 through the use of $350
million notional amount of five-year euro/$ cross currency
swaps contracts. These contracts result in a weighted average
effective euro interest rate of 8.42% per annum for the next five
years.
In connection with this transaction, Huntsman expects to incur
charges of approximately $9 million
related to the early extinguishment of debt in the first quarter of
2010.
Kimo Esplin, Executive Vice
President and CFO, stated, "The refinancing of a portion of our
senior subordinated notes has extended the maturity of these bonds
by more than five years. This transaction, together with the recent
extension of our revolving credit facility by four years, has
addressed a substantial portion of our debt obligations which were
scheduled to come due in the next several years. We intend to
continue to proactively address our remaining near term maturities
by either repaying or refinancing these obligations as market
conditions allow."
About Huntsman:
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
has approximately 11,000 employees and operates from multiple
locations worldwide. The Company had 2009 revenues of approximately
$8 billion. For more information
about Huntsman, please visit the company's website at
www.huntsman.com.
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