Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v2.4.0.8
DEBT (Tables)
 3 Months Ended
Mar. 31, 2014
Debt  
Outstanding debt

Outstanding debt consisted of the following (dollars in millions):

 
   March 31,
2014		   December 31,
2013		  

Senior Credit Facilities:

              

Term loans

   $ 1,338   $ 1,351  

Amounts outstanding under A/R programs

     247     248  

Senior notes

     1,060     1,061  

Senior subordinated notes

     891     891  

HPS (China) debt

     40     40  

Variable interest entities

     238     247  

Other

     77     72  
           
​ ​ ​ ​ ​ ​ ​ ​

Total debt—excluding debt to affiliates

   $ 3,891   $ 3,910  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Total current portion of debt

   $ 270   $ 277  

Long-term portion

     3,621     3,633  
           
​ ​ ​ ​ ​ ​ ​ ​

Total debt—excluding debt to affiliates

   $ 3,891   $ 3,910  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Total debt—excluding debt to affiliates

   $ 3,891   $ 3,910  

Notes payable to affiliates-noncurrent

     5     6  
           
​ ​ ​ ​ ​ ​ ​ ​

Total debt

   $ 3,896   $ 3,916  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
  
Debt  
Outstanding debt

Outstanding debt consisted of the following (dollars in millions):

 
   March 31,
2014		   December 31,
2013		  

Senior Credit Facilities:

              

Term loans

   $ 1,338   $ 1,351  

Amounts outstanding under A/R programs

     247     248  

Senior notes

     1,060     1,061  

Senior subordinated notes

     891     891  

HPS (China) debt

     40     40  

Variable interest entities

     238     247  

Other

     77     72  
           
​ ​ ​ ​ ​ ​ ​ ​

Total debt—excluding debt to affiliates

   $ 3,891   $ 3,910  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Total current portion of debt

   $ 270   $ 277  

Long-term portion

     3,621     3,633  
           
​ ​ ​ ​ ​ ​ ​ ​

Total debt—excluding debt to affiliates

   $ 3,891   $ 3,910  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Total debt—excluding debt to affiliates

   $ 3,891   $ 3,910  

Notes payable to affiliates-current

     100     100  

Notes payable to affiliates-noncurrent

     712     779  
           
​ ​ ​ ​ ​ ​ ​ ​

Total debt

   $ 4,703   $ 4,789  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of Senior Credit Facilities

As of March 31, 2014, our senior credit facilities ("Senior Credit Facilities") consisted of our revolving credit facility ("Revolving Facility"), our extended term loan B facility ("Extended Term Loan B"), our extended term loan B facility—series 2 ("Extended Term Loan B—Series 2") and our term loan C facility ("Term Loan C") as follows (dollars in millions):

Facility
  Committed
Amount		   Principal
Outstanding		   Carrying
Value		   Interest Rate(2)   Maturity  

Revolving Facility

   $ 400 (1) $ — (2) $ — (2) USD LIBOR plus 2.50%     2017  

Extended Term Loan B

     NA     952     951   USD LIBOR plus 2.50%     2017  

Extended Term Loan B—Series 2

     NA     339     339   USD LIBOR plus 2.75%     2017  

Term Loan C

     NA     50     48   USD LIBOR plus 2.25%     2016  
(1)
We have commitments with certain financial institutions to provide for a $200 million increase to our Revolving Facility ("Revolving Increase") to an aggregate Revolving Facility committed amount of $600 million upon completion of the acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc.

(2)
We had no borrowings outstanding under our Revolving Facility; we had approximately $17 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.

(3)
The applicable interest rate of the Senior Credit Facilities is subject to certain secured leverage ratio thresholds. As of March 31, 2014, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 3%.
Redemption of Notes and Loss on Early Extinguishment of Debt

During the three months ended March 31, 2013, we redeemed or repurchased the following notes (monetary amounts in millions):

Date of Redemption
  Notes   Principal
Amount of
Notes
Redeemed		   Amount Paid
(Excluding
Accrued Interest)		   Loss on
Early
Extinguishment
of Debt		  

March 4, 2013

   5.50% Senior Notes due 2016   $ 200   $ 200   $ 34