DEBT (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Debt |
|
| Schedule of outstanding debt |
Outstanding debt, net of debt issuance costs, of consolidated entities consisted of the following (dollars in millions):
Huntsman Corporation
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December 31,
|
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2017
|
|
2016
|
|
Senior Credit Facilities:
|
|
|
|
|
|
|
|
Term loans
|
|
$
|
—
|
|
$
|
1,967
|
|
Amounts outstanding under A/R programs
|
|
|
180
|
|
|
208
|
|
Senior notes
|
|
|
1,927
|
|
|
1,812
|
|
Variable interest entities
|
|
|
107
|
|
|
126
|
|
Other
|
|
|
84
|
|
|
59
|
|
Total debt—excluding debt to affiliates
|
|
$
|
2,298
|
|
$
|
4,172
|
|
Total current portion of debt
|
|
$
|
40
|
|
$
|
50
|
|
Long-term portion
|
|
|
2,258
|
|
|
4,122
|
|
Total debt—excluding debt to affiliates
|
|
$
|
2,298
|
|
$
|
4,172
|
|
Total debt—excluding debt to affiliates
|
|
$
|
2,298
|
|
$
|
4,172
|
|
Notes payable to affiliates-noncurrent
|
|
|
—
|
|
|
1
|
|
Total debt
|
|
$
|
2,298
|
|
$
|
4,173
|
|
| Schedule of maturities of debt (excluding debt to affiliates) |
The scheduled maturities of our debt (excluding debt to affiliates) by year as of December 31, 2017 are as follows (dollars in millions):
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|
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|
Year ending December 31,
|
|
|
|
|
2018
|
|
$
|
40
|
|
2019
|
|
|
27
|
|
2020
|
|
|
865
|
|
2021
|
|
|
560
|
|
2022
|
|
|
409
|
|
Thereafter
|
|
|
397
|
|
|
|
$
|
2,298
|
|
| HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES |
|
| Debt |
|
| Schedule of outstanding debt |
|
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|
|
|
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December 31,
|
|
|
|
2017
|
|
2016
|
|
Senior Credit Facilities:
|
|
|
|
|
|
|
|
Term loans
|
|
$
|
—
|
|
$
|
1,967
|
|
Amounts outstanding under A/R programs
|
|
|
180
|
|
|
208
|
|
Senior notes
|
|
|
1,927
|
|
|
1,812
|
|
Variable interest entities
|
|
|
107
|
|
|
126
|
|
Other
|
|
|
84
|
|
|
59
|
|
Total debt—excluding debt to affiliates
|
|
$
|
2,298
|
|
$
|
4,172
|
|
Total current portion of debt
|
|
$
|
40
|
|
$
|
50
|
|
Long-term portion
|
|
|
2,258
|
|
|
4,122
|
|
Total debt—excluding debt to affiliates
|
|
$
|
2,298
|
|
$
|
4,172
|
|
Total debt—excluding debt to affiliates
|
|
$
|
2,298
|
|
$
|
4,172
|
|
Notes payable to affiliates-current
|
|
|
100
|
|
|
100
|
|
Notes payable to affiliates-noncurrent
|
|
|
742
|
|
|
697
|
|
Total debt
|
|
$
|
3,140
|
|
$
|
4,969
|
|
| Schedule of Senior Credit Facilities |
As of December 31, 2017, our Senior Credit Facilities consisted of a Revolving Facility as follows (dollars in millions):
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Unamortized
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Discounts and
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Committed
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Principal
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Debt Issuance
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Carrying
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Facility
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Amount
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Outstanding
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Costs
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Value
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Interest Rate(2)
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Maturity
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Revolving Facility
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|
$
|
650
|
|
$
|
—
|
(1)
|
$
|
—
|
(1)
|
$
|
—
|
(1)
|
USD LIBOR plus 2.50%
|
|
2021
|
|
(1)
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|
We had no borrowings outstanding under our Revolving Facility; we had approximately $9 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.
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The applicable interest rate of the Revolving Facility is subject to certain secured leverage ratio thresholds.
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| Schedule of A/R Programs |
Information regarding our A/R Programs as of December 31, 2017 was as follows (monetary amounts in millions):
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Maximum Funding
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Amount
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Facility
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Maturity
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Availability(1)
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Outstanding
|
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Interest Rate(2)
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U.S. A/R Program
|
|
April 2020
|
|
$
|
250
|
|
$
|
90
|
(3)
|
Applicable rate plus 0.95%
|
|
EU A/R Program
|
|
April 2020
|
|
€
|
150
|
|
€
|
76
|
|
Applicable rate plus 1.30%
|
|
|
|
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(approximately $179)
|
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(approximately $90)
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(1)
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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.
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(2)
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Applicable rate for our U.S. A/R Program is defined by the lender as USD LIBOR. Applicable rate for our EU A/R Program is either GBP LIBOR, USD LIBOR or EURIBOR.
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(3)
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As of December 31, 2017, we had approximately $5 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.
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| Summary of outstanding notes |
As of December 31, 2017, we had outstanding the following notes (monetary amounts in millions):
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Unamortized
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Discounts
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and Debt
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|
Notes
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Maturity
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Interest Rate
|
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Amount Outstanding
|
|
Issuance Costs
|
|
2020 Senior Notes
|
|
November 2020
|
|
4.875
|
%
|
$650 ($647 carrying value)
|
|
$
|
(3)
|
|
2021 Senior Notes
|
|
April 2021
|
|
5.125
|
%
|
€445 (€444 carrying value $(529))
|
|
|
(1)
|
|
2022 Senior Notes
|
|
November 2022
|
|
5.125
|
%
|
$400 ($397 carrying value)
|
|
|
(3)
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|
2025 Senior Notes
|
|
April 2025
|
|
4.250
|
%
|
€300 (€297 carrying value $(354))
|
|
|
(3)
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| Schedule of Redemption of Notes and Loss on Early Extinguishment of Debt |
During the year ended December 31, 2015, we redeemed or repurchased the following notes (dollars in millions):
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Amount Paid
|
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Loss on Early
|
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Principal Amount of
|
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(Excluding Accrued
|
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Extinguishment
|
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Date of Redemption
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Notes
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|
Notes Redeemed
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Interest)
|
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of Debt
|
|
September 2015
|
|
2021 Senior Subordinated Notes
|
|
$
|
195
|
|
$
|
204
|
|
$
|
7
|
|
April 2015
|
|
2021 Senior Subordinated Notes
|
|
|
289
|
|
|
311
|
|
|
20
|
|
January 2015
|
|
2021 Senior Subordinated Notes
|
|
|
37
|
|
|
40
|
|
|
3
|
|