Huntsman Announces $110 Million Debt Pre-Payment
THE WOODLANDS, Texas, June 22 /PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE: HUN) today announced that it has pre-paid $110 million under its senior secured credit facilities.
Commenting on the pre-payment, Kimo Esplin, EVP and CFO, stated: "The pre-payment equates to the amount we received from our reinsurance carriers in settlement of Huntsman's claims related to losses occurring as a result of the April 29, 2006, fire at our Port Arthur, Texas, olefins facility. Since the beginning of the year we have pre-paid approximately $300 million of our bank term debt. We remain committed to further reducing our 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 today has more than 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. In addition, the completion of any transactions described in this release is subject to a number of uncertainties and closing will be subject to approvals and other customary conditions. Accordingly, there can be no assurance that such transactions will be completed or that the company's expectations will be realized. 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 June 22, 2010