Huntsman receives consents for 11 5/8% notes

New York, July 15 - Huntsman Corp. said its Huntsman LLC subsidiary has received the necessary consents to amend its 11 5/8% senior secured notes due 2010 in addition to the consents already received for its 11½% senior notes due 2012 and senior floating-rate notes due 2011.

The company executed a supplemental indenture incorporating the changes but it will only become effective when the planned corporate reorganization occurs and other conditions are met.

The solicitation for the 11 5/8% notes ended at 5 p.m. ET on July 8 after several extensions.

Huntsman had previously concluded a consent solicitation for the 11½% senior notes due 2012 and senior floating-rate notes due 2011.

On June 17 Huntsman said it had begun soliciting consents from holders of the notes as part of a proposed merger of Huntsman LLC into Huntsman International LLC.

The two subsidiaries are currently financed separately and report to the Securities and Exchange Commission separately.

By merging the two, Huntsman will simplify its financing and SEC reporting. The transaction will also allow for lower interest rate costs in the company's bank facility and other financing arrangements.

Once noteholder consents are received, Huntsman will look to obtain a new credit facility for the subsidiaries.

Huntsman is a Salt Lake City-based chemical company.

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