Huntsman to Redeem $100 Million of Bonds Prior to Maturity
THE WOODLANDS, Texas, Dec. 20, 2010 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today announced that it gave notice to redeem $100 million of its 7 3/8% senior subordinated notes due 2015 pursuant to the terms of the indenture. The redemption is expected to be completed in January 2011.
Kimo Esplin, EVP and CFO of Huntsman Corporation, stated, "During 2010 we have extended the maturity of our revolving credit facility by four years and refinanced approximately $900 million of senior subordinated debt extending these maturities by almost seven years. We have a strong liquidity position and project favourable free cash flow generation on the horizon. We are committed to further reducing indebtedness in the future."
Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman has approximately 11,000 employees and operates from multiple locations worldwide. The Company had 2009 revenues of approximately $8 billion. For more information about Huntsman, please visit the company's website at www.huntsman.com.
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.
SOURCE Huntsman Corporation
Released December 20, 2010