Huntsman plans to fully repay $511 million on term loan B due 2023

By Sarah Lizee

Olympia, Wash., Dec. 4 – Huntsman Corp. plans to fully repay the remaining $511 million on its term loan B due 2023 using proceeds from a public offering of Venator stock and cash on hand, according to a press release.

The company will no longer have any senior secured term loans outstanding under its senior credit facilities.

With the repayment, Huntsman will achieve investment-grade-type metrics with its trailing 12-month pro forma net leverage ratio for the third quarter standing at about 1.8 times, down from the 2.2 times reported on its latest earnings call, the release said.

Huntsman will have repaid roughly $2.1 billion of debt this year and more than $2.6 billion since the beginning of 2016.

“Heading into 2018, the unprecedented strength of our balance sheet provides us with more flexibility than we have ever had to further grow our differentiated and specialty businesses and increase value to shareholders,” Peter Huntsman, president and chief executive officer, said in the release.

Huntsman is a specialty chemicals manufacturer based in the Woodlands, Texas.

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