THE WOODLANDS, Texas,
May 23, 2018 /PRNewswire/ -- Huntsman
Corporation (NYSE: HUN) today announced that its board of directors
approved an increase to its previously authorized share repurchase
program to $1 billion. This
represents a $550 million increase to
the existing $450 million
authorization, to be supported by the Company's free cash flow
generation and by the monetization of Venator shares.
Repurchases may be made through the open market or in privately
negotiated transactions, and repurchases may be commenced or
suspended from time to time without prior notice. Shares of
common stock acquired through the repurchase program are to be held
in treasury at cost.
Additionally, Huntsman Corporation today announced that it has
entered into a new five year $1.2
billion senior unsecured revolving credit facility expiring
in 2023 with a current applicable rate of LIBOR plus 175 basis
points. The new credit facility will replace the Company's
previous $650 million senior secured
revolving credit facility expiring in 2021 that held an applicable
rate of LIBOR plus 250 basis points.
Peter Huntsman, Chairman,
President and CEO commented:
"We are committed to maintaining a balanced approach to
capital deployment to create further shareholder value. The
increased share repurchase authorization is a reflection of the
Company's confidence in generating consistent, strong annual free
cash flow and its desire to return capital to shareholders through
an overall balanced approach. Furthermore, our new $1.2 billion unsecured credit facility further
enhances our investment grade profile. Each of these
announcements is fundamental to our core focus to create
shareholder value as we grow our downstream businesses and work
towards our 2020 targets of generating more than $1.6 billion of EBITDA and greater than
$650 million in free cash
flow."
Sean Douglas, Executive Vice
President and Chief Financial Officer added:
"This is a long awaited and well-intended moment to have an
investment grade credit facility. As demonstrated by this new
$1.2 billion unsecured revolver,
major financial institutions clearly see Huntsman solidly within
investment grade land."
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer
and marketer of differentiated and specialty chemicals with 2017
revenues more than $8 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 75
manufacturing, R&D and operations facilities in approximately
30 countries and employ approximately 10,000 associates within our
four distinct business divisions. For more information about
Huntsman, please visit the company's website at
www.huntsman.com.
Social Media:
Twitter: www.twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman
Forward-Looking Statements:
Certain information in this release constitutes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
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
under the caption "Risk Factors" 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, volatile
global economic conditions, cyclical and volatile product markets,
disruptions in production at manufacturing facilities,
reorganization or restructuring of Huntsman's operations, including
any delay of, or other negative developments affecting the ability
to implement cost reductions and manufacturing optimization
improvements in Huntsman businesses and realize anticipated cost
savings, and other 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