Huntsman Announces Redemption of 11.5% Senior Notes Due 2012
The Woodlands, TX – Huntsman Corporation (NYSE: HUN) today announced that its wholly owned subsidiary, Huntsman International LLC, has sent a notice of redemption to holders of all outstanding 11.5% Senior Notes due 2012 of which $198 million was outstanding as of March 31, 2009. The Senior Notes will be redeemed August 3, 2009 at a price of 102.875% plus accrued and unpaid interest.
Previously, Huntsman International LLC, sent a notice of redemption to holders of all outstanding 11.625% Senior Secured Notes due 2010 of which $295 million was outstanding as of March 31, 2009. The Senior Secured Notes will be redeemed July 23, 2009 at a price of 102.906% plus accrued and unpaid interest.
Commenting on the redemptions, Kimo Esplin, EVP and CFO, stated: “Following our settlement with the banks for more than $1.7 billion in cash and financing we are reducing our highest cost and nearest term maturities of debt. This debt reduction will eliminate all meaningful debt maturities until 2013. Annual interest expense savings are approximately $60 million and when compared to the low cost financing received through the settlement for the same amount the net annual interest expense savings is greater than $30 million.”
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