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Huntsman launches repricing to cut term B spread by 75 basis points
By Sara Rosenberg
New York, Dec. 9 - Huntsman International LLC held a lender call on Thursday to launch a repricing proposal for its approximately $1.3 billion term loan B that would take the spread down to Libor plus 250 basis points from Libor plus 325 basis points, according to a market source.
The repricing amendment would also include 101 soft call protection against a refinancing/repricing for one year.
Although the repricing is the meat of the amendment there are some other changes that the company is looking to make to its credit agreement including the restricted payments provision and restructuring baskets, the source said.
Deutsche Bank and Citigroup are the lead banks on the Houston chemical company's deal, with Deutsche listed on the left.
Lender consents are due on Dec. 17.
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