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

Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

DEBT (Tables)

3 Months Ended

Mar. 31, 2019

Debt

Schedule of outstanding debt

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

Huntsman Corporation


	March 31,		December 31,
	2019		2018
Senior Credit Facilities:
Revolving facility	$	235	$	50
Amounts outstanding under A/R programs		276		252
Senior notes		1,969		1,892
Variable interest entities		85		86
Other		34		40
Total debt	$	2,599	$	2,320
Total current portion of debt	$	276	$	96
Long-term portion of debt		2,323		2,224
Total debt	$	2,599	$	2,320

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

Debt

Schedule of outstanding debt


	March 31,		December 31,
	2019		2018
Senior Credit Facilities:
Revolving facility	$	235	$	50
Amounts outstanding under A/R programs		276		252
Senior notes		1,969		1,892
Variable interest entities		85		86
Other		34		40
Total debt, excluding debt to affiliates	$	2,599	$	2,320
Total current portion of debt	$	276	$	96
Long-term portion of debt		2,323		2,224
Total debt, excluding debt to affiliates	$	2,599	$	2,320
Total debt, excluding debt to affiliates	$	2,599	$	2,320
Notes payable to affiliates-current		100		100
Notes payable to affiliates-noncurrent		454		488
Total debt	$	3,153	$	2,908

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 March 31, 2019, 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	$	235	(1)	$	—	(1)	$	235	(1)	USD LIBOR plus 1.50%	2023

(1)

On March 31, 2019, we had an additional $8 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 March 31, 2019 was 1.50% above LIBOR.

Schedule of A/R Programs

Information regarding our A/R Programs as of March 31, 2019 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	$	190	(3)	Applicable rate plus 0.95%
EU A/R Program	April 2020	€	150	€	76		Applicable rate plus 1.30%
			(approximately $169)		(approximately $86)

(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. Applicable rate for our EU A/R Program is either GBP LIBOR, USD LIBOR or EURIBOR.

(3)

As of March 31, 2019, we had approximately $5 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.