DEBT (Tables)
|
3 Months Ended |
Mar. 31, 2013
|
Debt |
Ìý
|
Outstanding debt |
Outstanding debt consisted of the following (dollars in millions):
|
|
|
|
|
|
|
|
Ìý
|
Ìý |
MarchÌý31,
2013 |
Ìý |
DecemberÌý31,
2012 |
Ìý |
Senior Credit Facilities:
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Term loans
|
Ìý |
$ |
1,598 |
Ìý |
$ |
1,565 |
Ìý |
Amounts outstanding under A/R programs
|
Ìý |
Ìý |
236 |
Ìý |
Ìý |
241 |
Ìý |
Senior notes
|
Ìý |
Ìý |
646 |
Ìý |
Ìý |
568 |
Ìý |
Senior subordinated notes
|
Ìý |
Ìý |
892 |
Ìý |
Ìý |
892 |
Ìý |
HPS (China) debt
|
Ìý |
Ìý |
90 |
Ìý |
Ìý |
94 |
Ìý |
Variable interest entities
|
Ìý |
Ìý |
262 |
Ìý |
Ìý |
270 |
Ìý |
Other
|
Ìý |
Ìý |
63 |
Ìý |
Ìý |
72 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total debt—excluding debt to affiliates
|
Ìý |
$ |
3,787 |
Ìý |
$ |
3,702 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total current portion of debt
|
Ìý |
$ |
298 |
Ìý |
$ |
288 |
Ìý |
Long-term portion
|
Ìý |
Ìý |
3,489 |
Ìý |
Ìý |
3,414 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total debt—excluding debt to affiliates
|
Ìý |
$ |
3,787 |
Ìý |
$ |
3,702 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total debt—excluding debt to affiliates
|
Ìý |
$ |
3,787 |
Ìý |
$ |
3,702 |
Ìý |
Notes payable to affiliates-noncurrent
|
Ìý |
Ìý |
4 |
Ìý |
Ìý |
4 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total debt
|
Ìý |
$ |
3,791 |
Ìý |
$ |
3,706 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
|
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
|
Ìý
|
Debt |
Ìý
|
Outstanding debt |
Outstanding debt consisted of the following (dollars in millions):
Ìý
|
|
|
|
|
|
|
|
Ìý
|
Ìý |
MarchÌý31,
2013 |
Ìý |
DecemberÌý31,
2012 |
Ìý |
Senior Credit Facilities:
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Term loans
|
Ìý |
$ |
1,598 |
Ìý |
$ |
1,565 |
Ìý |
Amounts outstanding under A/R programs
|
Ìý |
Ìý |
236 |
Ìý |
Ìý |
241 |
Ìý |
Senior notes
|
Ìý |
Ìý |
646 |
Ìý |
Ìý |
568 |
Ìý |
Senior subordinated notes
|
Ìý |
Ìý |
892 |
Ìý |
Ìý |
892 |
Ìý |
HPS (China) debt
|
Ìý |
Ìý |
90 |
Ìý |
Ìý |
94 |
Ìý |
Variable interest entities
|
Ìý |
Ìý |
262 |
Ìý |
Ìý |
270 |
Ìý |
Other
|
Ìý |
Ìý |
63 |
Ìý |
Ìý |
72 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total debt—excluding debt to affiliates
|
Ìý |
$ |
3,787 |
Ìý |
$ |
3,702 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total current portion of debt
|
Ìý |
$ |
298 |
Ìý |
$ |
288 |
Ìý |
Long-term portion
|
Ìý |
Ìý |
3,489 |
Ìý |
Ìý |
3,414 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total debt—excluding debt to affiliates
|
Ìý |
$ |
3,787 |
Ìý |
$ |
3,702 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total debt—excluding debt to affiliates
|
Ìý |
$ |
3,787 |
Ìý |
$ |
3,702 |
Ìý |
Notes payable to affiliates-current
|
Ìý |
Ìý |
100 |
Ìý |
Ìý |
100 |
Ìý |
Notes payable to affiliates-noncurrent
|
Ìý |
Ìý |
744 |
Ìý |
Ìý |
599 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total debt
|
Ìý |
$ |
4,631 |
Ìý |
$ |
4,401 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
|
Schedule of Senior Credit Facilities |
As of MarchÌý31, 2013, our Senior Credit Facilities consisted of our revolving credit facility ("Revolving Facility"), Extended Term Loan B, our extended term loan B facility—seriesÌý2 ("Extended Term Loan B—SeriesÌý2") and our term loan C facility ("Term Loan C") as follows (dollars in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Facility
|
Ìý |
Committed
Amount |
Ìý |
Principal
Outstanding |
Ìý |
Carrying
Value |
Ìý |
Interest Rate(2) |
Ìý |
Maturity |
Ìý |
Revolving Facility
|
Ìý |
$400 |
Ìý |
$ |
� |
(1) |
$ |
� |
(1) |
USD LIBOR plus 2.50% |
Ìý |
Ìý |
2017 |
(3) |
Extended Term Loan B
|
Ìý |
NA |
Ìý |
Ìý |
863 |
Ìý |
Ìý |
861 |
Ìý |
USD LIBOR plus 2.50% |
Ìý |
Ìý |
2017 |
Ìý |
Extended Term Loan B—SeriesÌý2
|
Ìý |
NA |
Ìý |
Ìý |
342 |
Ìý |
Ìý |
342 |
Ìý |
USD LIBOR plus 2.75% |
Ìý |
Ìý |
2017 |
Ìý |
Term Loan C
|
Ìý |
NA |
Ìý |
Ìý |
419 |
Ìý |
Ìý |
395 |
Ìý |
USD LIBOR plus 2.25% |
Ìý |
Ìý |
2016 |
Ìý |
- (1)
- We had no borrowings outstanding under our Revolving Facility; we had approximately $18Ìýmillion (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.
- (2)
- The applicable interest rate of the Senior Credit Facilities is subject to certain secured leverage ratio thresholds. As of MarchÌý31, 2013, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 3%.
- (3)
- The maturity of the Revolving Facility commitments will accelerate if we do not repay, refinance or have a minimum level of liquidity available to enable us to repay our Term Loan C due JuneÌý30, 2016.
ÌýÌýÌýÌýÌýÌýÌýÌý
|
Summary of outstanding notes |
As of MarchÌý31, 2013, we had outstanding the following notes (monetary amounts in millions):
|
|
|
|
|
|
|
|
Notes
|
Ìý |
Maturity |
Ìý |
Interest
Rate |
Ìý |
Amount Outstanding |
2020 Senior Notes
|
Ìý |
November 2020 |
Ìý |
Ìý |
4.875 |
% |
$650 ($646 carrying value) |
Senior Subordinated Notes
|
Ìý |
March 2020 |
Ìý |
Ìý |
8.625 |
% |
$350 |
Senior Subordinated Notes
|
Ìý |
March 2021 |
Ìý |
Ìý |
8.625 |
% |
$530 ($542 carrying value) |
|
Redemption of Notes and Loss on Early Extinguishment of Debt |
During the three months ended MarchÌý31, 2013 and 2012, we redeemed or repurchased the following notes (monetary amounts in millions):
|
|
|
|
|
|
|
|
|
|
|
Date of Redemption
|
Ìý |
Notes |
Ìý |
Principal Amount of
Notes Redeemed |
Ìý |
Amount Paid
(Excluding Accrued
Interest) |
Ìý |
Loss on Early
Extinguishment
of Debt |
Ìý |
MarchÌý4, 2013
|
Ìý |
5.50% Senior Notes
due 2016 |
Ìý |
$200 |
Ìý |
$200 |
Ìý |
$ |
34 |
Ìý |
MarchÌý26, 2012
|
Ìý |
7.50% Senior
Subordinated Notes
due 2015
|
Ìý |
�64 (approximately $86)
|
Ìý |
�65 (approximately $87)
|
Ìý |
$ |
1 |
Ìý |
|