Published on 2/28/2013 in the Prospect News High Yield Daily.
New Issue: Huntsman prices $250 million tap of 4 7/8% notes due 2020 at 98.5 to yield 5.112%
By Paul A. Harris
Portland, Ore., Feb. 28 - Huntsman International LLC priced a $250 million add-on to its 4 7/8% senior notes due Nov. 15, 2020 (B1/BB-/) at 98.5 to yield 5.112% on Thursday, according to a market source.
The reoffer price came at the rich end of the 98 to 98.5 price talk.
J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC were the joint bookrunners.
The Salt Lake City-based specialty chemicals company plans to use the proceeds to redeem its 5½% senior notes due 2016 and for general corporate purposes.
| Issuer: | Huntsman International LLC
|
| Face amount: | $250 million
|
| Proceeds: | $246.25 million
|
| Maturity: | Nov. 15, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., RBC Capital Markets LLC, Wells Fargo Securities LLC
|
| Co-managers: | PNC Capital Markets LLC, RBS Securities Inc.
|
| Coupon: | 4 7/8%
|
| Price: | 98.5
|
| Yield: | 5.112%
|
| Spread: | 371 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 28
|
| Settlement date: | March 4 with accrued interest
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 98 to 98.5
|
| Marketing: | Quick to market
|
| Original issue: | $400 issue priced at par on Nov. 2, 2012
|
| Fungibility: | Add-on notes will be fungible with the existing notes after registration
|
| Total issue size: | $650 million
|
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