DEBT (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
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| Debt |
|
| Schedule of outstanding debt |
Outstanding debt, net of debt issuance costs, of consolidated entities consisted of the following (dollars in millions):
Huntsman Corporation
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December 31, |
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December 31, |
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|
2019 |
|
2018 |
Senior Credit Facilities: |
|
|
|
|
|
|
Revolving facility |
|
$ |
40 |
|
$ |
50 |
Amounts outstanding under A/R programs |
|
|
167 |
|
|
252 |
Term loan |
|
|
103 |
|
|
— |
Senior notes |
|
|
1,963 |
|
|
1,892 |
Variable interest entities |
|
|
65 |
|
|
86 |
Other |
|
|
51 |
|
|
40 |
Total debt |
|
$ |
2,389 |
|
$ |
2,320 |
Total current portion of debt |
|
$ |
212 |
|
$ |
96 |
Long-term portion of debt |
|
|
2,177 |
|
|
2,224 |
Total debt |
|
$ |
2,389 |
|
$ |
2,320 |
|
| Schedule of maturities of debt (excluding debt to affiliates) |
The scheduled maturities of our debt (excluding debt to affiliates) by year as of December 31, 2019 are as follows (dollars in millions):
|
|
|
|
Year ending December 31, |
|
|
|
2020 |
|
$ |
212 |
2021 |
|
|
522 |
2022 |
|
|
570 |
2023 |
|
|
1 |
2024 |
|
|
2 |
Thereafter |
|
|
1,082 |
|
|
$ |
2,389 |
|
| HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES |
|
| Debt |
|
| Schedule of outstanding debt |
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|
|
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|
|
|
|
December 31, |
|
December 31, |
|
|
2019 |
|
2018 |
Senior Credit Facilities: |
|
|
|
|
|
|
Revolving facility |
|
$ |
40 |
|
$ |
50 |
Amounts outstanding under A/R programs |
|
|
167 |
|
|
252 |
Term loan |
|
|
103 |
|
|
— |
Senior notes |
|
|
1,963 |
|
|
1,892 |
Variable interest entities |
|
|
65 |
|
|
86 |
Other |
|
|
51 |
|
|
40 |
Total debt, excluding debt to affiliates |
|
$ |
2,389 |
|
$ |
2,320 |
Total current portion of debt |
|
$ |
212 |
|
$ |
96 |
Long-term portion of debt |
|
|
2,177 |
|
|
2,224 |
Total debt, excluding debt to affiliates |
|
$ |
2,389 |
|
$ |
2,320 |
Notes payable to affiliates-current |
|
|
100 |
|
|
100 |
Notes payable to affiliates-noncurrent |
|
|
280 |
|
|
488 |
Total debt |
|
$ |
2,769 |
|
$ |
2,908 |
|
| Schedule of 2018 Credit Facility |
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Unamortized |
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Discounts and |
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Committed |
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Principal |
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Debt Issuance |
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Carrying |
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Facility |
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Amount |
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Outstanding |
|
Costs |
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Value |
|
Interest Rate(2) |
|
Maturity |
2018 Revolving Credit Facility |
|
$ |
1,200 |
|
$ |
40 |
(1) |
$ |
— |
(1) |
$ |
40 |
(1) |
USD LIBOR plus 1.50% |
|
2023 |
| (1) |
On December 31, 2019, we had an additional $7 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our 2018 Revolving Credit Facility.
|
| (2) |
Interest rates on borrowings under the 2018 Revolving Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. The then applicable interest rate as of December 31, 2019 was 1.50% above LIBOR.
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| Schedule of A/R Programs |
Information regarding our A/R Programs as of December 31, 2019 was as follows (monetary amounts in millions):
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Maximum Funding |
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Amount |
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|
Facility |
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Maturity |
|
Availability(1) |
|
Outstanding |
|
Interest Rate(2) |
U.S. A/R Program |
|
April 2022 |
|
$ |
250 |
|
$ |
100 |
(3) |
Applicable rate plus 0.90% |
EU A/R Program |
|
April 2022 |
|
€ |
100 |
|
€ |
60 |
|
Applicable rate plus 1.30% |
|
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|
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|
(or approximately $112) |
|
|
(or approximately $67) |
|
|
| (1) |
The amount of actual availability under our A/R Programs may be lower based on the level of eligible receivables sold, changes in the credit ratings of our customers, customer concentration levels and certain characteristics of the accounts receivable being transferred, as defined in the applicable agreements. |
| (2) |
The applicable rate for our U.S. A/R Program is defined by the lender as USD LIBOR. The applicable rate for our EU A/R Program is either GBP LIBOR, USD LIBOR or EURIBOR. |
| (3) |
As of December 31, 2019, we had approximately $5 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.
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| Summary of outstanding notes |
As of December 31, 2019, we had outstanding the following notes (monetary amounts in millions):
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Unamortized |
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Premiums, |
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Discounts |
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and Debt |
Notes |
|
Maturity |
|
Interest Rate |
|
Amount Outstanding |
|
Issuance Costs |
2021 Senior Notes |
|
April 2021 |
|
5.125 |
% |
€445 (€445 carrying value $(496)) |
|
$ |
— |
2022 Senior Notes |
|
November 2022 |
|
5.125 |
% |
$400 ($398 carrying value) |
|
|
(2) |
2025 Senior Notes |
|
April 2025 |
|
4.250 |
% |
€300 (€298 carrying value $(333)) |
|
|
(2) |
2029 Senior Notes |
|
February 2029 |
|
4.500 |
% |
$750 ($736 carrying value) |
|
|
(14) |
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