Huntsman Corporation (HUN) Files An 8-K Entry into a Material Definitive Agreement
Item1.01 Entry into a Material Definitive Agreement.
On November15, 2016, Huntsman International LLC
(HI), a wholly-owned subsidiary of Huntsman
Corporation, entered into the Sixteenth Amendment to Credit
Agreement (the Amendment) with JPMorgan Chase
Bank, N.A., as administrative agent, and the other financial
institutions party thereto (the Lenders).
Among other things, the Amendment provides for (i)a new term loan
facility in an aggregate principal amount of $350 million (the
2021 Term B Loans) and (ii)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
HIs 2014-1 Additional Term Loans due 2021 and HIs 2016 Term B
Loans due 2023.
The 2021 Term B Loans have a stated maturity date of October1,
2021 and the 2023 Term B Loans have a stated maturity date of
April1, 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 HIs option, either LIBOR (which is subject to a .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 December31, 2016.
The foregoing does not constitute a complete summary of the terms
of the Amendment. The description of the terms of the Amendment
is qualified in its entirety by reference to such agreement,
attached hereto as Exhibit10.1 and incorporated herein by
reference.
Item2.03 Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.
The information included in Item1.01 is incorporated herein by
reference.
Item9.01 Financial Statements and Exhibits.
(d) Exhibits.
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ExhibitNumber |
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Description |
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10.1 |
Sixteenth Amendment to Credit Agreement, dated as of |
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99.1 |
Press release dated November15, 2016. |
About Huntsman Corporation (HUN)