Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.8.0.1
DEBT (Tables)
9 Months Ended
Sep. 30, 2017
Debt  
Schedule of outstanding debt

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

    

2017

    

2016

Senior Credit Facilities:

    

 

 

 

 

 

   Term loans

 

$

592

 

$

1,967

Amounts outstanding under A/R programs

 

 

184

 

 

208

Senior notes

 

 

1,913

 

 

1,812

Variable interest entities

 

 

114

 

 

126

Other

 

 

71

 

 

59

Total debt—excluding debt to affiliates

 

$

2,874

 

$

4,172

Total current portion of debt

 

$

29

 

$

50

Long-term portion

 

 

2,845

 

 

4,122

Total debt—excluding debt to affiliates

 

$

2,874

 

$

4,172

Total debt—excluding debt to affiliates

 

$

2,874

 

$

4,172

Notes payable to affiliates-noncurrent

 

 

 —

 

 

 1

Total debt

 

$

2,874

 

$

4,173

 

Huntsman International  
Debt  
Schedule of outstanding debt

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

    

2017

    

2016

Senior Credit Facilities:

 

 

 

 

 

 

   Term loans

 

$

592

 

$

1,967

Amounts outstanding under A/R programs

 

 

184

 

 

208

Senior notes

 

 

1,913

 

 

1,812

Variable interest entities

 

 

114

 

 

126

Other

 

 

71

 

 

59

Total debt—excluding debt to affiliates

 

$

2,874

 

$

4,172

Total current portion of debt

 

$

29

 

$

50

Long-term portion

 

 

2,845

 

 

4,122

Total debt—excluding debt to affiliates

 

$

2,874

 

$

4,172

Total debt—excluding debt to affiliates

 

$

2,874

 

$

4,172

Notes payable to affiliates-current

 

 

100

 

 

100

Notes payable to affiliates-noncurrent

 

 

717

 

 

697

Total debt

 

$

3,691

 

$

4,969

 

Schedule of Senior Credit Facilities

As of September 30, 2017, our Senior Credit Facilities consisted of our revolving facility (“Revolving Facility”) and our 2023 Term Loan B 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 2.50%

 

2021

2023 Term Loan B

 

 

N/A

 

 

611

 

 

(19)

 

 

592

 

USD LIBOR plus 3.00%(2)

 

2023

(1)

We had no borrowings outstanding under our Revolving Facility; we had approximately $8 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.

 

(2)

The 2023 Term Loan B is 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 September 30, 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 September 30, 2017 was as follows (monetary amounts in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Maximum Funding

    

Amount

    

 

Facility

    

Maturity

    

Availability(1)

    

Outstanding

    

Interest Rate(2)

U.S. A/R Program

 

April 2020

 

$

250

 

$

90

(3)  

Applicable rate plus 0.95%

EU A/R Program

 

April 2020

 

150

 

80

 

Applicable rate plus 1.30%

 

 

 

 

 

(approximately $176)

 

 

(approximately $94)

 

 


(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 September 30, 2017, we had approximately $7 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.