Huntsman buys back €132 million 6 7/8% notes, to redeem 7 7/8% notes

By Angela McDaniels

Tacoma, Wash., Nov. 4 - Huntsman Corp. repurchased €132 million of its 6 7/8% senior subordinated notes due 2013 on Sept. 27, according to its 10-Q report for the third quarter filed with the Securities and Exchange Commission.

The company paid €137 million plus accrued interest.

As of Sept. 30, €84 million of the notes remained outstanding.

Huntsman also repurchased $159 million of its 7 7/8% senior subordinated notes due 2014 through a tender offer on Oct. 12. It paid $165 million plus accrued interest.

The $188 million of 7 7/8% notes that remains outstanding is expected to be redeemed.

The company used the proceeds of a $350 million offering of 8 5/8% senior subordinated notes due 2021, which closed on Sept. 24, to fund the repurchases. The proceeds of a $180 million offering of senior subordinated notes due 2021, which is expected to close Nov. 12, will be used to fund the redemption of the remaining 7 7/8% notes.

As of Sept. 30 and hence prior to the repurchase of the 7 7/8% notes, the company had $447 million of senior notes and $1.44 billion of subordinated notes outstanding and $1.47 billion of cash and unused borrowing capacity.

Huntsman is a chemical company based in the Woodlands, Texas.

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