Exhibit 99.1

 

 

 

HUNTSMAN INTERNATIONAL LLC LAUNCHES
EXTENSION OF BANK CREDIT FACILITIES

 

Houston, TX—Huntsman International LLC announced today that it will seek the approval of its lenders pursuant to its existing senior secured credit facilities to extend the Company’s $400 million revolving credit facility through September 30, 2008, to borrow an additional $100 million under the term loan facility, bringing the outstanding amount under the term loan facility to $1.34 billion, and to extend the term of the term loan facility to December 31, 2010, if certain conditions are met.  The incremental term loan proceeds will be used for general corporate purposes, which may include the construction of the low-density polyethylene facility at the Company’s Wilton, U.K. site, which is currently under consideration.   The Company expects to complete the amendment and restatement of its credit facilities by June 30, 2004.

 

The combined Huntsman companies constitute the world’s largest privately held chemical company. The operating companies manufacture basic products for a variety of global industries including chemicals, plastics, automotive, aviation, footwear, paints and coatings, construction, technology, agriculture, health care, textiles, detergent, personal care, furniture, appliances and packaging.  Originally known for pioneering innovations in packaging, and later, rapid and integrated growth in petrochemicals, Huntsman-held companies today employ 15,000 people in more than 40 countries, with annual revenues of approximately $9.5 billion.