By Paul A. Harris
St. Louis, Sept. 14 - Huntsman International LLC priced a $350 million issue of 10.5-year senior subordinated notes (B3/B-/) at par to yield 8 5/8% on Tuesday, according to an informed source.
The yield printed at the tight end of the 8¾% area price talk.
Goldman Sachs & Co. is the left lead bookrunner for the Rule 144A and Regulation S with registration rights offering. Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities, HSBC and J.P. Morgan Securities Inc. are the joint bookrunners.
Proceeds will be used to fund the tender for a portion of company's existing 7 7/8% senior subordinated notes due 2014 and the euro-denominated 6 7/8% notes.
The issuer is a chemical company base in the Woodlands, Texas.
| Issuer: | Huntsman International LLC
|
| Amount: | $350 million
|
| Maturity: | March 15, 2021
|
| Securities: | Senior subordinated notes
|
| Left bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities, HSBC, J.P. Morgan Securities Inc.
|
| Coupon: | 8 5/8%
|
| Price: | Par
|
| Yield: | 8 5/8%
|
| Spread: | 588 bps
|
| First call: | Callable after five years at 104.313
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 24
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 8¾% area
|
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