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, 2020

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,
	2020		2019
Senior Credit Facilities:
Revolving facility	$	—	$	40
Amounts outstanding under A/R programs		52		167
Term loan		—		103
Senior notes		2,003		1,963
Variable interest entities		50		65
Other		19		51
Total debt	$	2,124	$	2,389
Total current portion of debt	$	567	$	212
Long-term portion of debt		1,557		2,177
Total debt	$	2,124	$	2,389

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

Debt

Schedule of outstanding debt


	September 30,		December 31,
	2020		2019
Senior Credit Facilities:
Revolving facility	$	—	$	40
Amounts outstanding under A/R programs		52		167
Term loan		—		103
Senior notes		2,003		1,963
Variable interest entities		50		65
Other		19		51
Total debt, excluding debt to affiliates	$	2,124	$	2,389
Total current portion of debt	$	567	$	212
Long-term portion of debt		1,557		2,177
Total debt, excluding debt to affiliates		2,124		2,389
Notes payable to affiliates-current		—		100
Notes payable to affiliates-noncurrent		—		280
Total debt	$	2,124	$	2,769

Schedule of 2018 Credit Facility


						Unamortized
						Discounts and
	Committed		Principal			Debt Issuance			Carrying
Facility	Amount		Outstanding			Costs			Value			Interest Rate(2)	Maturity
2018 Revolving Credit Facility	$	1,200	$	—	(1)	$	—	(1)	$	—	(1)	USD LIBOR plus 1.50%	2023

(1)	On September 30, 2020, we had an additional $6 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, 2020 was 1.50% above LIBOR.

Schedule of A/R Programs


		Maximum Funding		Amount
Facility	Maturity	Availability(1)		Outstanding			Interest Rate(2)
U.S. A/R Program	April 2022	$	150	$	—	(3)	Applicable rate plus 0.90%
EU A/R Program	April 2022	€	100	€	45		Applicable rate plus 1.30%
			(or approximately $117)		(or approximately $52)

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

(3)	As of September 30, 2020, we had approximately $4 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.