Huntsman Completes $400 Million Private Offering Of Senior Notes Due 2022

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Nov 14, 2014, 05:05 ET

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.

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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