Huntsman International talks $400 million equivalent: seven-year notes 6¾%-7%, eight-year notes 7¾%-8%

By Paul A. Harris

St. Louis, Oct. 30 - Huntsman International LLC unveiled a $400 million equivalent two-part quick-to-market senior subordinated note offering (existing B3/confirmed B) on Monday, according to market sources.

Pricing is set for Tuesday.

The Salt Lake City-based chemical company plans to sell a euro-denominated tranche of seven-year notes, which are talked at 6¾% to 7%. The euro-denominated notes, which will come with three years of call protection, are being offered via Rule 144A.

The company also plans to sell dollar-denominated eight-year notes, which are talked at 7¾% to 8%. The dollar-denominated notes come with four years of call protection and are being offered via Rule 144A with registration rights.

Both tranches are also being offered via Regulation S.

Deutsche Bank Securities and Credit Suisse are joint bookrunners. Citigroup and Wachovia Securities are the co-managers.

Proceeds will be used to redeem part of the company's outstanding 10 1/8% senior subordinated notes due 2009.

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