Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.7.0.1
DEBT (Tables)
3 Months Ended
Mar. 31, 2017
Debt  
Schedule of outstanding debt

 

 

 

 

 

 

 

 

 

March 31, 

 

December 31, 

 

    

2017

    

2016

Senior Credit Facilities:

    

 

 

 

 

 

Term loans

 

$

1,965

 

$

1,967

Amounts outstanding under A/R programs

 

 

213

 

 

208

Senior notes

 

 

1,841

 

 

1,812

Variable interest entities

 

 

125

 

 

128

Other

 

 

78

 

 

80

Total debt—excluding debt to affiliates

 

$

4,222

 

$

4,195

Total current portion of debt

 

$

61

 

$

60

Long-term portion

 

 

4,161

 

 

4,135

Total debt—excluding debt to affiliates

 

$

4,222

 

$

4,195

Total debt—excluding debt to affiliates

 

$

4,222

 

$

4,195

Notes payable to affiliates-noncurrent

 

 

 —

 

 

 1

Total debt

 

$

4,222

 

$

4,196

 

Huntsman International  
Debt  
Schedule of outstanding debt

 

 

 

 

 

 

 

 

 

March 31, 

 

December 31, 

 

    

2017

    

2016

Senior Credit Facilities:

 

 

 

 

 

 

Term loans

 

$

1,965

 

$

1,967

Amounts outstanding under A/R programs

 

 

213

 

 

208

Senior notes

 

 

1,841

 

 

1,812

Variable interest entities

 

 

125

 

 

128

Other

 

 

78

 

 

80

Total debt—excluding debt to affiliates

 

$

4,222

 

$

4,195

Total current portion of debt

 

$

61

 

$

60

Long-term portion

 

 

4,161

 

 

4,135

Total debt—excluding debt to affiliates

 

$

4,222

 

$

4,195

Total debt—excluding debt to affiliates

 

$

4,222

 

$

4,195

Notes payable to affiliates-current

 

 

100

 

 

100

Notes payable to affiliates-noncurrent

 

 

 711

 

 

697

Total debt

 

$

5,033

 

$

4,992

 

Schedule of Senior Credit Facilities

As of March 31, 2017, our senior credit facilities (“Senior Credit Facilities”) consisted of our Revolving Facility, our 2021 Term Loan B and our 2023 Term Loan as follows: (dollars in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unamortized

 

 

 

 

 

 

 

 

 

 

 

 

Discounts and

 

 

 

 

 

 

 

 

Committed

 

Principal

 

Debt Issuance

 

Carrying

 

 

 

 

Facility

    

Amount

   

Outstanding

    

Costs

    

Value

    

Interest Rate(3)

    

Maturity

Revolving Facility

 

$

650

 

$

 —

(1)

$

 —

(1)

$

 —

(1)

USD LIBOR plus 2.75%

 

2021

2015 Extended Term Loan B

 

 

N/A

 

 

306

 

 

(1)

 

 

305

 

USD LIBOR plus 3.00%

 

2019

2021 Term Loan B

 

 

N/A

 

 

348

 

 

(11)

 

 

337

 

USD LIBOR plus 2.75%(2)

 

2021

2023 Term Loan B

 

 

N/A

 

 

1,368

 

 

(45)

 

 

1,323

 

USD LIBOR plus 3.00%(2)

 

2023

(1)

We had no borrowings outstanding under our Revolving Facility; we had approximately $16 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.

 

(2)

The 2021 Term Loan B and the 2023 Term Loan B are subject to a 0.75% LIBOR floor.

 

(3)

The applicable interest rate of the Revolving Facility is subject to certain secured leverage ratio thresholds. As of March 31, 2017, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 4%.

Schedule of A/R Programs

Information regarding our A/R Programs as of March 31, 2017 was as follows (monetary amounts in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Maximum Funding

    

Amount

    

 

Facility

    

Maturity

    

Availability(1)

    

Outstanding

    

Interest Rate(2)

U.S. A/R Program

 

March 2018

 

$

250

 

$

90

(3)  

Applicable rate plus 0.95%

EU A/R Program

 

March 2018

 

225

 

114

 

 

 

 

 

 

 

(approximately $242)

 

 

(approximately $123)

 

Applicable rate plus 1.10%


(1)

The amount of actual availability under our 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)

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

As of March 31, 2017, we had approximately $7 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.