Huntsman completes Senior Notes offering of $300mn
April 03, 2015 - United States Of America
NYSE listed and speciality chemicals marketer Huntsman Corporation said it has completed its previously announced €300 million offering of 4.25 per cent Senior Notes due 2025.
“Huntsman has completed the offering through its wholly owned subsidiary, Huntsman International LLC,” it said in a press release.
Huntsman intends to use the net proceeds from the offering to redeem a portion of its 8.625 per cent Senior Subordinated Notes due 2021 and pay associated accrued interest.
“In connection with this transaction, Huntsman expects to incur charges of approximately $21 million related to the early repayment of debt in the second quarter of 2015,” it added.
CFO Kimo Esplin said, "We continue to lower the cost of borrowing with the issuance of these Euro notes, due to which our annual interest expense will decrease by approximately $11 million.”
“In addition, denominating more of our debt in Euro currency will reduce our net long Euro cash flow position,” he too added by saying.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2014 revenues of approximately $13 billion.
Its chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets.
It operates more than 100 manufacturing and R&D facilities in more than 30 countries and employs approximately 16,000 associates within its 5 distinct business divisions. (AR)
“Huntsman has completed the offering through its wholly owned subsidiary, Huntsman International LLC,” it said in a press release.
Huntsman intends to use the net proceeds from the offering to redeem a portion of its 8.625 per cent Senior Subordinated Notes due 2021 and pay associated accrued interest.
“In connection with this transaction, Huntsman expects to incur charges of approximately $21 million related to the early repayment of debt in the second quarter of 2015,” it added.
CFO Kimo Esplin said, "We continue to lower the cost of borrowing with the issuance of these Euro notes, due to which our annual interest expense will decrease by approximately $11 million.”
“In addition, denominating more of our debt in Euro currency will reduce our net long Euro cash flow position,” he too added by saying.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2014 revenues of approximately $13 billion.
Its chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets.
It operates more than 100 manufacturing and R&D facilities in more than 30 countries and employs approximately 16,000 associates within its 5 distinct business divisions. (AR)