Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v2.4.0.8
DEBT (Tables)
 6 Months Ended
Jun. 30, 2014
Debt  
Outstanding debt

 

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

 
 
   June 30,
2014		   December 31,
2013		  

Senior Credit Facilities:

              

Term loans

   $ 1,339   $ 1,351  

Amounts outstanding under A/R programs

     245     248  

Senior notes

     1,258     1,061  

Senior subordinated notes

     890     891  

HPS (China) debt

     33     40  

Variable interest entities

     231     247  

Other

     70     72  
           
​ ​ ​ ​ ​ ​ ​ ​

Total debt—excluding debt to affiliates

   $ 4,066   $ 3,910  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Total current portion of debt

   $ 257   $ 277  

Long-term portion

     3,809     3,633  
           
​ ​ ​ ​ ​ ​ ​ ​

Total debt—excluding debt to affiliates

   $ 4,066   $ 3,910  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Total debt—excluding debt to affiliates

   $ 4,066   $ 3,910  

Notes payable to affiliates—noncurrent

     5     6  
           
​ ​ ​ ​ ​ ​ ​ ​

Total debt

   $ 4,071   $ 3,916  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
  
Debt  
Outstanding debt

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

 
   June 30,
2014		   December 31,
2013		  

Senior Credit Facilities:

              

Term loans

   $ 1,339   $ 1,351  

Amounts outstanding under A/R programs

     245     248  

Senior notes

     1,258     1,061  

Senior subordinated notes

     890     891  

HPS (China) debt

     33     40  

Variable interest entities

     231     247  

Other

     70     72  
           
​ ​ ​ ​ ​ ​ ​ ​

Total debt—excluding debt to affiliates

   $ 4,066   $ 3,910  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Total current portion of debt

   $ 257   $ 277  

Long-term portion

     3,809     3,633  
           
​ ​ ​ ​ ​ ​ ​ ​

Total debt—excluding debt to affiliates

   $ 4,066   $ 3,910  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Total debt—excluding debt to affiliates

   $ 4,066   $ 3,910  

Notes payable to affiliates—current

     100     100  

Notes payable to affiliates—noncurrent

     712     779  
           
​ ​ ​ ​ ​ ​ ​ ​

Total debt

   $ 4,878   $ 4,789  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of Senior Credit Facilities

As of June 30, 2014, 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(3)   Maturity  

Revolving Facility

   $ 400 (1) $ — (2) $ — (2) USD LIBOR plus 2.50%     2017  

Extended Term Loan B

     NA     952     952   USD LIBOR plus 2.50%     2017  

Extended Term Loan B—Series 2

     NA     339     339   USD LIBOR plus 2.75%     2017  

Term Loan C

     NA     50     48   USD LIBOR plus 2.25%     2016  
(1)
We have commitments with certain financial institutions to provide for a $200 million increase to our Revolving Facility ("Revolving Increase") to an aggregate Revolving Facility committed amount of $600 million upon completion of the acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood.

(2)
We had no borrowings outstanding under our Revolving Facility; we had approximately $17 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.

(3)
The applicable interest rate of the Senior Credit Facilities is subject to certain secured leverage ratio thresholds. As of June 30, 2014, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 3%.
Summary of outstanding notes

As of June 30, 2014, we had outstanding the following notes (monetary amounts in millions):

Notes
  Maturity   Interest
Rate		   Amount Outstanding

Senior Notes ("2020 Senior Notes")

   November 2020     4.875 % $650 ($647 carrying value)

Senior Notes ("2021 Senior Notes")

   April 2021     5.125 % €445 (€450 carrying value ($611))

Senior Subordinated Notes

   March 2020     8.625 % $350

Senior Subordinated Notes

   March 2021     8.625 % $530 ($540 carrying value)
Redemption of Notes and Loss on Early Extinguishment of Debt

 During the six months ended June 30, 2013, 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