Huntsman greenshoe exercised, raising convertible preferreds to $287.5 million

By Caroline Salls

Pittsburgh, Feb. 16 - Huntsman Corp. said the underwriters of its recent offering of three-year convertible mandatory preferreds exercised the $37.5 million over-allotment option in full, raising the size of the deal to $287.5 million.

The Salt Lake City chemical concern originally priced $250 million of the securities after the close Feb. 10 to yield 5% with a 23% initial conversion premium.

Citigroup Global Markets Inc., Credit Suisse First Boston, Merrill Lynch and Deutsche Bank Securities were the bookrunners for the registered deal.

Huntsman said $40 million of proceeds from the convertible offering would be used to buy U.S. Treasuries as dividend collateral and the remainder to repay debt.

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