New Issue: Huntsman International prices $355 million two-tranche note offering

By Paul A. Harris

St. Louis, Dec. 3 - Huntsman International LLC priced about $355 million of senior subordinated notes due Jan. 1, 2015 (Caa1/CCC+) in dollar and euro tranches on Friday, according to market sources.

The Salt Lake City-based petrochemical company sold $175 million of the notes at par to yield 7 3/8%, at the wide end of the 7¼% area price talk.

The company also sold €135 million at par to yield 7½%, at the wide end of the 7¼% to 7½% price talk.

Deutsche Bank Securities and Credit Suisse First Boston were joint bookrunners for the Rule 144A/Regulation S issues.

Proceeds will be used to redeem part of the company's outstanding 10 1/8% senior subordinated notes due 2009.

Issuer:	Huntsman International LLC
Amount:	$355 million (approximate)
Maturity:	Jan. 1, 2015
Security description:	Senior subordinated notes
Bookrunners:	Deutsche Bank Securities, Credit Suisse First Boston
Trade date:	Dec. 3
Settlement date:	Dec. 17
Ratings:	Moody's: Caa1
	Standard & Poor's: CCC+
Dollar tranche
Amount:	$175 million
Coupon:	7 3/8%
Price:	Par
Yield:	7 3/8%
Spread:	310 basis points
Call features:	Callable after Jan. 1, 2010 at 103.688, 102.458, 101.229, par on or after Jan. 1, 2013
Equity clawback:	Until Jan. 1, 2008 for 40% at 107.375
Price talk:	7¼% area
Euro tranche
Amount:	€135 million
Coupon:	7½%
Price:	Par
Yield:	7½%
Spread:	377 basis points
Call features:	Callable after Jan. 1, 2010 at 103.75, 102.50, 101.25, par on or after Jan. 1, 2013
Equity clawback:	Until Jan. 1, 2008 for 40% at 107.50
Price talk:	7¼%-7½%

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