DEBT (Tables)
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3 Months Ended |
Mar. 31, 2018 |
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| Debt |
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| Schedule of outstanding debt |
Outstanding debt, net of debt issuance costs, consisted of the following (dollars in millions):
Huntsman Corporation
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March 31,
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December 31,
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2018
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2017
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Senior Credit Facilities:
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|
|
|
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Revolving facility
|
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$
|
—
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|
$
|
—
|
|
Amounts outstanding under A/R programs
|
|
|
184
|
|
|
180
|
|
Senior notes
|
|
|
1,964
|
|
|
1,927
|
|
Variable interest entities
|
|
|
105
|
|
|
107
|
|
Other
|
|
|
81
|
|
|
84
|
|
Total debt
|
|
$
|
2,334
|
|
$
|
2,298
|
|
Total current portion of debt
|
|
$
|
36
|
|
$
|
40
|
|
Long-term portion of debt
|
|
|
2,298
|
|
|
2,258
|
|
Total debt
|
|
$
|
2,334
|
|
$
|
2,298
|
|
| HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES |
|
| Debt |
|
| Schedule of outstanding debt |
|
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|
|
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March 31,
|
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December 31,
|
|
|
|
2018
|
|
2017
|
|
Senior Credit Facilities:
|
|
|
|
|
|
|
|
Revolving facility
|
|
$
|
—
|
|
$
|
—
|
|
Amounts outstanding under A/R programs
|
|
|
184
|
|
|
180
|
|
Senior notes
|
|
|
1,964
|
|
|
1,927
|
|
Variable interest entities
|
|
|
105
|
|
|
107
|
|
Other
|
|
|
81
|
|
|
84
|
|
Total debt, excluding debt to affiliates
|
|
$
|
2,334
|
|
$
|
2,298
|
|
Total current portion of debt
|
|
$
|
36
|
|
$
|
40
|
|
Long-term portion of debt
|
|
|
2,298
|
|
|
2,258
|
|
Total debt, excluding debt to affiliates
|
|
$
|
2,334
|
|
$
|
2,298
|
|
Total debt, excluding debt to affiliates
|
|
$
|
2,334
|
|
$
|
2,298
|
|
Notes payable to affiliates-current
|
|
|
100
|
|
|
100
|
|
Notes payable to affiliates-noncurrent
|
|
|
702
|
|
|
742
|
|
Total debt
|
|
$
|
3,136
|
|
$
|
3,140
|
|
| Schedule of Senior Credit Facilities |
As of March 31, 2018, our senior credit facilities (“Senior Credit Facilities”) consisted of our 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
|
|
$
|
650
|
|
$
|
—
|
(1)
|
$
|
—
|
(1)
|
$
|
—
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(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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(2)
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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 March 31, 2018 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
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April 2020
|
|
$
|
250
|
|
$
|
90
|
(3)
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Applicable rate plus 0.95%
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|
EU A/R Program
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April 2020
|
|
€
|
150
|
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€
|
76
|
|
Applicable rate plus 1.30%
|
|
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(approximately $186)
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(approximately $94)
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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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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.
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(3)
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As of March 31, 2018, 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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