Huntsman Prices $180 Million Private Offering of Senior Subordinated Notes
THE WOODLANDS, Texas, Oct. 28 /PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE: HUN) today announced that it has priced an issuance of $180 million principal amount of 8 5/8% senior subordinated notes due 2021 through its wholly owned subsidiary, Huntsman International LLC, at a price to investors of 108% of the principal amount plus accrued interest, for an effective yield of approximately 7 1/4%. The offered notes will have the same terms as the $350 million principal amount of 8 5/8% senior subordinated notes due 2021 issued by Huntsman International in September 2010.
The closing of the offering is expected to occur on November 12, 2010, subject to the satisfaction of customary closing conditions. Huntsman intends to use the net proceeds to redeem all $188 million principal amount of its outstanding 7 7/8% senior subordinated notes due 2014, including the payment of accrued interest and redemption premiums.
The notes to be offered have not been registered under the Securities Act of 1933 (the "Securities Act"), or any state securities laws; and unless so registered, the notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes will be offered only to qualified institutional buyers in accordance with Rule 144A and outside the United States in accordance with Regulation S.
This press release is neither an offer to sell nor a solicitation of an offer to buy the notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.
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 October 28, 2010