Adhesives & Sealants Headlines

Huntsman Reaches Settlement with Banks for $1.73 Billion (6/25/09)

June 25, 2009
/ Print / Reprints /
ShareMore
/ Text Size+
Huntsman Corp. recently announced an agreement with Credit Suisse and Deutsche Bank  (“The Banks”) to settle Huntsman's claims and end the ongoing trial against them in Texas state court for fraud and tortious interference in connection with Huntsman's terminated merger agreements with Basell and Hexion Specialty Chemicals Inc.

Huntsman Corp. recently announced an agreement with Credit Suisse and Deutsche Bank  (“The Banks”) to settle Huntsman's claims and end the ongoing trial against them in Texas state court for fraud and tortious interference in connection with Huntsman's terminated merger agreements with Basell and Hexion Specialty Chemicals Inc.

Under the terms of the settlement agreement, the Banks will provide:
  • $620 million in cash
  • $500 million senior secured term loan financing (seven-year term at LIBOR + 2.25%)
  • $600 million unsecured note financing (seven-year term at 5.5%)
  • $12 million reimbursement of litigation costs
"This settlement with the Banks marks a very successful conclusion to this litigation for the company and all of its stakeholders,” said Peter Huntsman, president and CEO of Huntsman Corp. “The cash and financing will enhance our already enviable cash position to more than approximately $1.7 billion and provide us much greater flexibility as we manage our business. The financing offers us a much lower average cost of borrowing and extends the maturities of our borrowings such that the earliest meaningful maturity is July 2012. We are well positioned to prosper as we move forward past this concern."

For more information, visit www.huntsman.com.

Did you enjoy this article? Click here to subscribe to Adhesives & Sealants Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

ASI April 2014 Photo Gallery

Our April 2014 issue is now available!

Podcasts

ExxonMobil Tackifier Expansion

Dwight Tozer, vice president of ExxonMobil’s Adhesion Industry business, discusses the company’s latest tackifier expansion project with Editor-in-Chief Susan Sutton.

More Podcasts

Adhesives & Sealants Industry Magazine

ASI Sept 2014 cover

2014 September

Our September issue features articles focusing on high-tech applications and raw materials, as well as a preview of the ASC Fall Convention and Expo. Check it out today!

Table Of Contents Subscribe

THE ADHESIVES STORE

handbook-sealant-tech.gif
Handbook of Sealant Technology

The Handbook of Sealant Technology provides an in-depth examination of sealants, reviewing their historical developments and fundamentals, adhesion theories and properties, and today’s wide range of applications.

More Products

ASI 2014 Buyers GuideASI's Buyers' Guide

Annual purchasing resource for equipment used in the manufacture/formulation of adhesives, sealants, pressure sensitives, tapes and labels and for application of finished adhesives. 

Clear Seas Research

With access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook_40px twitter_40  youtube_40pxlinkedin_40 google+ icon ASI 30px