THE WOODLANDS, Texas,
Nov. 15, 2016 /PRNewswire/
-- Huntsman Corporation (NYSE: HUN) announced today that its
wholly owned subsidiary, Huntsman International LLC, closed a new
$350 million term loan B due 2021 and
a new $1,375 million term loan B due
2023. Proceeds from the new term loans were used to repay in
full its previous term loan B due 2021 and term loan B due
2023. As a result of this refinancing, the Company extended
$829 million of term loan maturities
from 2021 to 2023 and did not increase its overall
indebtedness.
The interest rate for the new term loan B due 2021 is LIBOR plus
2.75% and the interest rate for the new term loan B due 2023 is
LIBOR plus 3.00%, each with a LIBOR floor of 0.75%. The
Company estimates that interest savings from the refinancing will
be approximately $4 million per
year.
Kimo Esplin, Executive Vice
President and CFO, commented:
"We remain focused on continually improving our capital
structure. This refinancing both extends our debt maturities and
reduces interest expense. We are committed to improving our
free cash flow generation and reducing debt as we grow our
downstream differentiated businesses and work toward separating our
Pigments and Additives and Textile Effects businesses."
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