Huntsman calls $102 million in notes, is forced to raise interest rates due to a missed deadline

By Ted A. Knutson

Washington, Feb. 24 - Huntsman LLC said it has called for redemption $78 million in principal amount of its 11½% senior unsecured notes due July 15, 2012 on March 14 and $24 million on March 17.

The company noted 26% of the face value of the 11½% notes is being redeemed on the first date and 8% on the second.

In another development, Huntsman said it was required to pay 25 basis points of additional interest on both the 11½% notes and its senior unsecured floating-rate notes due July 15, 2011 from Nov. 19 through Feb. 17 and 50 basis points more after Feb. 17 because of a missed filing deadline for an exchange offer. The company originally issued $300 million of the fixed-rate notes and $100 million of the floaters in June 2004.

Huntsman said it expects to file the registration statement for the exchange in the second quarter.

The Salt Lake City-based chemicals company made the announcement in an 8-K filing with the Securities and Exchange Commission.

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