July 24, 2017 11:05 PM ET

Chemicals

Company Overview of Huntsman International LLC

Company Overview

Huntsman International LLC manufactures and sells organic and inorganic chemicals worldwide. The company’s Polyurethanes segment offers methyl diphenyl diisocyanate, propylene oxide, polyols, propylene glycol, thermoplastic polyurethane, aniline, and methyl tertiary-butyl ether for refrigeration and appliance insulation, construction products, adhesives, automotive, footwear, furniture, cushioning, specialized engineering, and fuel additives applications. Its Performance Products segment provides amines, surfactants, LAB, maleic anhydride, other performance chemicals, EG, olefins, and technology licenses for detergents, personal care products, agrochemicals, lubricant and fuel additives, ene...

10003 Woodloch Forest Drive

The Woodlands, TX 84108

United States

Founded in 1970

15,000 Employees

Phone:

281-719-6000

Fax:

281-719-6416

Key Executives for Huntsman International LLC

Chief Executive Officer, President and Director
Age: 54
Founder and Executive Chairman
Age: 79
Chief Financial Officer and Executive Vice President
Age: 52
Chief Executive Officer of Asia Pacific and Division President of Polyurethanes
Age: 59
Division President of Pigments and Additives
Age: 53
Compensation as of Fiscal Year 2017.

Huntsman International LLC Key Developments

Huntsman International LLC Enters into the Seventeenth Amendment to Credit Agreement with JPMorgan Chase Bank

On June 15, 2017, Huntsman International LLC entered into the Seventeenth Amendment to Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto (the Lenders). Among other things, the Amendment provides for: (i) permission to enter into certain transactions in connection with the anticipated initial public offering (the IPO) of Venator Materials PLC, a public limited company organized under the laws of England and Wales (Venator) and wholly-owned subsidiary of HI formed for the purpose of holding the Pigments and Additives business (such transactions, the Venator IPO Transactions); and (ii) permission to consummate the previously announced merger of Huntsman Corporation with a wholly owned subsidiary of Clariant Ltd., a Swiss corporation (Clariant), pursuant to the Agreement and Plan of Merger, dated as of May 21, 2017, by and among Clariant, HurricaneCyclone Corporation, a Delaware corporation and wholly owned subsidiary of Clariant, and Huntsman Corporation. In connection with the Venator IPO Transactions, the Amendment, among other things: (i) allows for the incurrence of certain indebtedness of Venator to be held in escrow pending the effectiveness of the IPO; (ii) permits the internal restructuring of the Pigments and Additives assets, including assets of Venator in the United States to a non-guarantor restricted subsidiary; (iii) upon occurrence of the IPO, provides for the designation of Venator and its subsidiaries as unrestricted subsidiaries; and (iv) requires a mandatory repayment of $450 million of existing term loan indebtedness within 30 days of the occurrence of the IPO.

Huntsman International LLC Enters into the Sixteenth Amendment to Credit Agreement with JPMorgan Chase Bank, N.A

On November 15, 2016, Huntsman International LLC entered into the Sixteenth Amendment to Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the other financial institutions party thereto. Among other things, the amendment provides for a new term loan facility in an aggregate principal amount of $350 million (the 2021 Term B Loans) and a new term loan facility in an aggregate principal amount of $1,375 million (the 2023 Term B Loans), the proceeds of which were, in each case used, together with cash on hand, to repay in full HI’s 2014-1 Additional Term Loans due 2021 and HI’s 2016 Term B Loans due 2023. The 2021 Term B Loans have a stated maturity date of October 1, 2021 and the 2023 Term B Loans have a stated maturity date of April 1, 2023, in each case, with a springing maturity date in the event that certain earlier-maturing senior notes issued by HI are not repaid or refinanced prior to their maturity date and HI does not have sufficient cash or available lines of credit at such time. The 2021 Term B Loans and the 2023 Term B Loans bear interest at a rate per annum equal to an applicable margin plus, at the HI’s option, either LIBOR (which is subject to a 0.75% floor) or base rate (which is subject to a 1.75% floor). The margin for borrowings under the 2021 Term B Loan Facility are 2.75% for LIBOR and 1.75% for base rate. The margin for borrowings under the 2023 Term B Loan Facility are 3.00% for LIBOR and 2.00% for base rate. The 2021 Term B Loans and the 2023 Term B Loans will amortize in an amount equal to 1% of the principal amount of the 2021 Term B Loans or 2023 Term B Loans, respectively, payable quarterly commencing on December 31, 2016.

Huntsman International LLC Closes $350 Million Term Loan B Due 2021 and $1,375 Million Term Loan B Due 2023

Huntsman Corporation announced that its wholly owned subsidiary, Huntsman International LLC closed a new $350 million term loan B due 2021 and a new $1,375 million term loan B due 2023. Proceeds from the new term loans were used to repay in full its previous term loan B due 2021 and term loan B due 2023.  As a result of this refinancing, the company extended $829 million of term loan maturities from 2021 to 2023 and did not increase its overall indebtedness. The interest rate for the new term loan B due 2021 is LIBOR plus 2.75% and the interest rate for the new term loan B due 2023 is LIBOR plus 3.00%, each with a LIBOR floor of 0.75%.  The company estimates that interest savings from the refinancing will be approximately $4 million per year.

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Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

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