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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
For more information, visit www.huntsman.com.