Published on 3/19/2015 in the Prospect News High Yield Daily.
New Issue: Huntsman International prices €300 million 10-year notes at par to yield 4¼%
By Paul A. Harris
Portland, Ore., March 19 – Huntsman International LLC, a wholly owned subsidiary of Huntsman Corp., priced a €300 million issue of non-callable 10-year senior notes (expected B1/confirmed B+) at par to yield 4¼% on Thursday, according to a market source.
The yield printed at the wide end of yield talk that had been set in the 4 1/8% area.
Goldman Sachs, Barclays, BofA Merrill Lynch, Citigroup Global Markets, HSBC, JPMorgan, PNC and RBC were the joint bookrunners.
The Woodlands, Texas-based chemical company plans to use the proceeds to redeem a portion of its 8 5/8% senior subordinated notes due 2021.
| Issuer: | Huntsman International LLC, a wholly owned subsidiary of Huntsman Corp.
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| Amount: | €300 million
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| Maturity: | April 1, 2025
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| Securities: | Senior notes
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| Bookrunners: | Goldman Sachs & Co., Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., HSBC, JPMorgan, PNC, RBC
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| Co-managers: | Commerzbank
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| Coupon: | 4¼%
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| Price: | Par
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| Yield: | 4¼%
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| Call protection: | Non-callable
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| Trade date: | March 19
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| Settlement date: | March 31
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| Ratings: | Moody’s: expected B1
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| Standard & Poor’s: B+
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 4 1/8% area
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| Marketing: | Roadshow
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