Huntsman extends solicitation of consents for corporate reorganization

New York, July 1 - Huntsman Corp. said its Huntsman LLC subsidiary has extended its solicitation of consents from holders of its 11 5/8% senior secured notes due 2010, 11½% senior notes due 2012 and senior floating-rate notes due 2011.

The expiration is now 5 p.m. ET on July 5.

Huntsman said it has received the necessary majority of consents for the senior notes but not for the senior secured notes.

In addition to the extension, Huntsman said it has amended the solicitation so that changes can be made to one note indenture without making them to the other.

On June 17 Huntsman said it had begun soliciting consents from holders of the notes as part of a proposed merger of Huntsman LLC into Huntsman International LLC.

The two subsidiaries are currently financed separately and report to the Securities and Exchange Commission separately.

By merging the two, Huntsman will simplify its financing and SEC reporting. The transaction will also allow for lower interest rate costs in the company's bank facility and other financing arrangements.

Once noteholder consents are received, Huntsman will look to obtain a new credit facility for the subsidiaries.

Huntsman is a Salt Lake City-based chemical company.

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