New Issue: Huntsman prices $180 million add-on to 8 5/8% notes due 2021 at 108 to yield 7.267%

By Paul A. Harris

St. Louis, Oct. 28 - Huntsman International LLC priced a $180 million add-on to its 8 5/8% senior subordinated notes due March 15, 2021 (B3/B-/) at 108 to yield 7.267% on Thursday, according to an informed source.

There was no official price talk.

Citigroup Global Markets Inc. ran the books for the quick-to-market deal.

Proceeds will be used to refinance debt.

The issuer is a chemical company based in the Woodlands, Texas.

Issuer:	Huntsman International LLC
Face amount:	$180 million
Proceeds:	$194.4 million
Maturity:	March 15, 2021
Security description:	Add-on to the 8 5/8% senior subordinated notes
Bookrunner:	Citigroup Global Markets Inc.
Coupon:	8 5/8%
Price:	108
Yield:	7.267%
Spread:	504 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Sept. 15, 2015, then callable at 104.313, 102.875, 101.438, par on and after Sept. 15, 2018
Equity clawback:	40% at 108.625 until Sept. 15, 2013
Change-of-control put:	101%
Trade date:	Oct. 28
Settlement date:	Nov. 12 with accrued interest
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A
Price talk:	None
Marketing:	Quick to market
Original issue:	$350 million priced at par on Sept. 14, 2010
Total issue size:	$530 million

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