Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v2.4.0.8
DEBT (Tables)
6 Months Ended
Jun. 30, 2013
Debt  
Outstanding debt

Outstanding debt consisted of the following (dollars in millions):

 

 
  June 30,
2013
  December 31,
2012
 

Senior Credit Facilities:

             

Term loans

  $ 1,599   $ 1,565  

Amounts outstanding under A/R programs

    239     241  

Senior notes

    646     568  

Senior subordinated notes

    892     892  

HPS (China) debt

    76     94  

Variable interest entities

    259     270  

Other

    60     72  
           

Total debt—excluding debt to affiliates

  $ 3,771   $ 3,702  
           

Total current portion of debt

  $ 317   $ 288  

Long-term portion

    3,454     3,414  
           

Total debt—excluding debt to affiliates

  $ 3,771   $ 3,702  
           

Total debt—excluding debt to affiliates

  $ 3,771   $ 3,702  

Notes payable to affiliates-noncurrent

    4     4  
           

Total debt

  $ 3,775   $ 3,706  
           
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
 
Debt  
Outstanding debt

Outstanding debt consisted of the following (dollars in millions):

 

 
  June 30,
2013
  December 31,
2012
 

Senior Credit Facilities:

             

Term loans

  $ 1,599   $ 1,565  

Amounts outstanding under A/R programs

    239     241  

Senior notes

    646     568  

Senior subordinated notes

    892     892  

HPS (China) debt

    76     94  

Variable interest entities

    259     270  

Other

    60     72  
           

Total debt—excluding debt to affiliates

  $ 3,771   $ 3,702  
           

Total current portion of debt

  $ 317   $ 288  

Long-term portion

    3,454     3,414  
           

Total debt—excluding debt to affiliates

  $ 3,771   $ 3,702  
           

Total debt—excluding debt to affiliates

  $ 3,771   $ 3,702  

Notes payable to affiliates-current

    100     100  

Notes payable to affiliates-noncurrent

    776     599  
           

Total debt

  $ 4,647   $ 4,401  
           
Schedule of Senior Credit Facilities

As of June 30, 2013, our senior credit facilities ("Senior Credit Facilities") consisted of our revolving credit facility ("Revolving Facility"), our extended term loan B facility ("Extended Term Loan B"), our extended term loan B facility—series 2 ("Extended Term Loan B—Series 2") and our term loan C facility ("Term Loan C") as follows (dollars in millions):

Facility
  Committed
Amount
  Principal
Outstanding
  Carrying
Value
  Interest Rate(2)   Maturity  

Revolving Facility

  $ 400   $ (1) $ (1) USD LIBOR plus 2.50%     2017 (3)

Extended Term Loan B

    NA     862     861   USD LIBOR plus 2.50%     2017  

Extended Term Loan B—Series 2

    NA     342     342   USD LIBOR plus 3.00%     2017  

Term Loan C

    NA     419     396   USD LIBOR plus 2.25%     2016  

(1)
We had no borrowings outstanding under our Revolving Facility; we had approximately $18 million (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 June 30, 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 June 30, 2016.
Schedule of A/R Programs

Information regarding the A/R Programs was as follows (monetary amounts in millions):

June 30, 2013
Facility
  Maturity   Maximum Funding
Availability(1)
  Amount
Outstanding
  Interest Rate(2)(3)

U.S. A/R Program

  April 2016   $250   $90(4)   Applicable Rate plus 1.10%

EU A/R Program

  April 2016   €225 (approximately $293)   €114 (approximately $149)   Applicable Rate plus 1.35%

(1)
The amount of actual availability under the A/R Programs may be lower based on the level of eligible receivables sold, changes in the credit ratings of our customers, customer concentration levels and certain characteristics of the accounts receivable being transferred, as defined in the applicable agreements.

(2)
Each interest rate is defined in the applicable agreements. In addition, the U.S. SPE and the EU SPE are obligated to pay unused commitment fees to the lenders based on the amount of each lender's commitment.

(3)
Applicable rate for the U.S. A/R Program is defined by the lender as either USD LIBOR or CP rate. Applicable rate for our EU A/R Program is either GBP LIBOR, USD LIBOR or EURIBOR.

(4)
As of June 30, 2013, we had approximately $4 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.
Summary of outstanding notes

 As of June 30, 2013, we had outstanding the following notes (monetary amounts in millions):

Notes
  Maturity   Interest
Rate
  Amount Outstanding

2020 Senior Notes

  November 2020     4.875 % $650 ($646 carrying value)

Senior Subordinated Notes

  March 2020     8.625 % $350

Senior Subordinated Notes

  March 2021     8.625 % $530 ($542 carrying value)
Redemption of Notes and Loss on Early Extinguishment of Debt

 During the six months ended June 30, 2013 and 2012, we redeemed or repurchased the following notes (monetary amounts in millions):

Date of Redemption
  Notes   Principal Amount of
Notes Redeemed
  Amount Paid
(Excluding Accrued
Interest)
  Loss on Early
Extinguishment
of Debt
 

March 4, 2013

  5.50% Senior Notes due 2016   $200   $200   $ 34  

March 26, 2012

  7.50% Senior
Subordinated Notes
due 2015
  €64 (approximately $86)   €65 (approximately $87)   $ 1