Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.10.0.1
DEBT (Tables)
6 Months Ended
Jun. 30, 2018
Debt  
Schedule of outstanding debt

Outstanding debt, net of debt issuance costs, consisted of the following (dollars in millions):

 

Huntsman Corporation

 

 

 

 

 

 

 

 

 

 

June 30, 

 

December 31, 

 

    

2018

 

2017

Credit Facility:

    

 

 

 

 

 

Revolving facility

 

$

225

 

$

 —

Amounts outstanding under A/R programs

 

 

268

 

 

180

Senior notes

 

 

1,906

 

 

1,927

Variable interest entities

 

 

97

 

 

107

Other

 

 

70

 

 

84

Total debt

 

$

2,566

 

$

2,298

Total current portion of debt

 

$

255

 

$

40

Long-term portion of debt

 

 

2,311

 

 

2,258

Total debt

 

$

2,566

 

$

2,298

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES  
Debt  
Schedule of outstanding debt

 

 

 

 

 

 

 

 

 

June 30, 

 

December 31, 

 

    

2018

 

2017

Credit Facility:

 

 

 

 

 

 

Revolving facility

 

$

225

 

$

 —

Amounts outstanding under A/R programs

 

 

268

 

 

180

Senior notes

 

 

1,906

 

 

1,927

Variable interest entities

 

 

97

 

 

107

Other

 

 

70

 

 

84

Total debt, excluding debt to affiliates

 

$

2,566

 

$

2,298

Total current portion of debt

 

$

255

 

$

40

Long-term portion of debt

 

 

2,311

 

 

2,258

Total debt, excluding debt to affiliates

 

$

2,566

 

$

2,298

Total debt, excluding debt to affiliates

 

$

2,566

 

$

2,298

Notes payable to affiliates-current

 

 

100

 

 

100

Notes payable to affiliates-noncurrent

 

 

 627

 

 

742

Total debt

 

$

3,293

 

$

3,140

 

Schedule of 2018 Credit Facility

Upon the termination of the Prior Credit Facility, all guarantees of the obligations under the Prior Credit Facility were terminated, and all liens granted under the Prior Credit Facility were released. As of June 30, 2018, our 2018 Credit Facility was as follows (dollars in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unamortized

 

 

 

 

 

 

 

 

 

 

 

 

Discounts and

 

 

 

 

 

 

 

 

Committed

 

Principal

 

Debt Issuance

 

Carrying

 

 

 

 

Facility

    

Amount

    

Outstanding

    

Costs

    

Value

    

Interest Rate(2)

    

Maturity

2018 Credit Facility

 

$

1,200

 

$

225

(1)

$

 —

(1)

$

 —

(1)

LIBOR plus 1.75%

 

2023

(1)

On June 30, 2018, we had an additional $9 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our 2018 Credit Facility.

 

(2)

Interest rates on borrowings under the 2018 Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. The then applicable interest rate as of June 30, 2018 was 1.75% above LIBOR.

 

Schedule of A/R Programs

Information regarding our A/R Programs as of June 30, 2018 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

 

$

180

(3)  

Applicable rate plus 0.95%

EU A/R Program

 

April 2020

 

150

 

76

 

Applicable rate plus 1.30%

 

 

 

 

 

(approximately $174)

 

 

(approximately $88)

 

 


(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 June 30, 2018, we had approximately $5 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.