Published on 12/11/2013 in the Prospect News High Yield Daily.
New Issue: Huntsman prices upsized €300 million 5 1/8% seven-year notes at par
By Paul A. Harris
Portland, Ore., Dec. 11 - Huntsman International LLC priced an upsized €300 million issue of non-callable seven-year senior notes (B1/B+/) at par to yield 5 1/8% on Wednesday, according to market sources.
The deal was upsized from €250 million, after having been earlier upsized from €200 million.
Joint bookrunner Citigroup Global Markets Inc. will bill and deliver. Barclays, BofA Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, PNC Capital Markets LLC, RBC Capital Markets LLC and RBS Securities Inc. are also joint bookrunners.
The Salt Lake City-based manufacturer of differentiated organic and inorganic chemical products plans to use the proceeds to repay its term loan C.
Issuer: | Huntsman International LLC
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Amount: | €300 million, increased from €250 million after having earlier been increased from €200 million
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Maturity: | April 15, 2021
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Securities: | Senior notes
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Bookrunners: | Citigroup Global Markets Inc. (bill and deliver), Barclays, BofA Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, PNC Capital Markets LLC, RBC Capital Markets LLC, RBS Securities Inc.
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Coupon: | 5 1/8%
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Price: | Par
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Yield: | 5 1/8%
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Call protection: | Non-callable
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Trade date: | Dec. 11
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Settlement date: | Dec. 23
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Rating: | Moody's: B1
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| Standard & Poor's: B+
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Distribution: | Rule 144A and Regulation S with registration rights
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Price talk: | 5¼% area
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Marketing: | Roadshow
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