By Devika Patel
Knoxville, Tenn., Dec. 15 - Huntsman Corp. sold $250 million of 7% convertible senior notes on Dec. 14, according to an 8-K filed Monday with the Securities and Exchange Commission.
The ten-year notes will be convertible into common stock at any time for $7.86 per share. They are redeemable after three years under certain conditions at par.
Apollo Global Management, LLC is the investor.
The deal is part of a settlement agreement between the company, Apollo, Hexion Specialty Chemicals, Inc., Hexion LLC, Nimbus Merger Sub, Inc. and Craig O. Morrison.
The agreement resolves some lawsuits filed by the company and the parties against each other, which will now be dismissed without prejudice. The lawsuits were filed in reaction to a failed merger between the company and Hexion Specialty Chemicals.
Huntsman is a Salt Lake City manufacturer of differentiated chemicals and pigments.
| Issuer: | Huntsman Corp.
|
| Issue: | Convertible senior notes
|
| Amount: | $250 million
|
| Maturity: | Ten years
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | $7.86
|
| Warrants: | No
|
| Investor: | Apollo Global Management, LLC
|
| Pricing date: | Dec. 14
|
| Stock symbol: | NYSE: HUN
|
| Stock price: | $5.85 at close Dec. 12
|
| Market capitalization: | $717 million
|
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