Huntsman Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

DEBT (Tables)

9 Months Ended

Sep. 30, 2018

Debt

Schedule of outstanding debt

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

Huntsman Corporation


	September 30,		December 31,
	2018		2017
Revolving credit facility	$	175	$	—
Amounts outstanding under A/R programs		269		180
Senior notes		1,917		1,927
Variable interest entities		94		107
Other		22		84
Total debt	$	2,477	$	2,298
Total current portion of debt	$	200	$	40
Long-term portion of debt		2,277		2,258
Total debt	$	2,477	$	2,298

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

Debt

Schedule of outstanding debt


	September 30,		December 31,
	2018		2017
Revolving credit facility	$	175	$	—
Amounts outstanding under A/R programs		269		180
Senior notes		1,917		1,927
Variable interest entities		94		107
Other		22		84
Total debt, excluding debt to affiliates	$	2,477	$	2,298
Total current portion of debt	$	200	$	40
Long-term portion of debt		2,277		2,258
Total debt, excluding debt to affiliates	$	2,477	$	2,298
Total debt, excluding debt to affiliates	$	2,477	$	2,298
Notes payable to affiliates-current		100		100
Notes payable to affiliates-noncurrent		589		742
Total debt	$	3,166	$	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 September 30, 2018, our 2018 Revolving 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 Revolving Credit Facility	$	1,200	$	175	(1)	$	—	(1)	$	175	(1)	LIBOR plus 1.75%	2023

(1)

On September 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 Revolving Credit Facility.

(2)

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

Schedule of A/R Programs

Information regarding our A/R Programs as of September 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 $176)		(approximately $89)

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