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Huntsman International $2.6 billion credit facility to launch Tuesday
By Sara Rosenberg
New York, July 18 - Huntsman International LLC is scheduled to hold a bank meeting Tuesday morning to launch its proposed $2.6 billion credit facility, according to a market source.
Deutsche Bank and Citigroup are the lead banks on the deal, with Deutsche the left lead.
The facility consists of a $600 million revolving credit facility and a $2 billion term loan B, with price talk on both tranches expected to emerge at the meeting, the source said.
Proceeds will be used to help fund the merger of Huntsman LLC and Huntsman International LLC, two subsidiaries of Huntsman Corp., into one entity with Huntsman International being the surviving entity.
The purpose of the merger is to simplify Huntsman's financing and Securities and Exchange Commission reporting structure, facilitate cost reductions for Huntsman's bank credit facilities and other financing arrangements, and for other organizational efficiencies.
Huntsman is a Houston-based chemical company.
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