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Huntsman gets tenders for $159 million 7 7/8% notes by early deadline
By Susanna Moon
Chicago, Sept. 27 - Huntsman Corp. said holders tendered $159 million of its wholly owned subsidiary Huntsman International LLC's 7 7/8% senior subordinated notes due 2014 as of 5 p.m. ET on Sept. 24, the early date in the fixed-price cash tender offer to purchase up to $165 million principal amount of the notes.
The tender offer price is $1,041.88 for each $1,000.00 principal amount of notes tendered before the early tender time. The total amount includes an early tender premium of $30.00 per note.
Holders who tender notes after the early tender time but before midnight ET on Oct. 8, the expiration date, will receive $1,011.88 per note.
The company also will pay accrued interest to the settlement date. The payment date is expected to be Oct. 11.
Tendered notes may no longer be withdrawn, except as required by law.
Funding for the offer will come Huntsman International's $350 million of 8 5/8% senior subordinated notes due March 15, 2021, which closed on Sept. 24.
Proceeds of $183 million were also used to purchase €132 million principal amount of its 6 7/8% senior subordinated notes due 2013 in a tender offer conducted outside the United States.
Huntsman expects to incur a charge of about $14 million for the early retirement of the notes purchased in the tender offers.
Goldman, Sachs & Co. (800 828-3182 or collect 212 902-5183) is the dealer manager. Global Bondholder Services Corp. (866 540-1500 or collect 212 430-3774) is the depositary and information agent.
The issuer is a Salt Lake City-based manufacturer and marketer of differentiated chemicals.
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