Huntsman (HUN) Declares Senior Notes Offering Worth $350M
Zacks Investment Research | Jun 27, 2017 08:57AM ET
Huntsman Corporation (NYSE:HUN) and Venator Materials PLC has announced plans to privately offer senior notes worth around $350 million, due in 2025. The notes will be offered through their fully-owned subsidiaries Venator Materials Corporation and Venator Finance S.a r.l., subject to market and other conditions.
The notes will be offered to qualified institutional buyers under Rule 144A and will be exempt from registration requirements under the United States Securities Act of 1933.
As communicated earlier, Huntsman plans to separate its Pigments & Additives business this summer through initial public offering (IPO) of Venator Materials PLC, subject to market conditions. The company intends to initially keep the proceeds from note issue into escrow pending the IPO. It will then use the funds to repay intercompany debt owed to Huntsman, dividends and other related fees and expenses.
Shares of Huntsman have rallied around 10.7% over the past three months, outperforming the Zacks categorized Original post
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