Deutsche Bank is in the market with a $100 million term loan "B" add-on to an existing multi-million dollar credit facility for Huntsman Corp., according to Sean Douglas, treasurer. The extension will have the same terms as the existing $2.2 million facility and is currently priced at LIBOR plus 1 3/4%, but final pricing will be dependent on how it is received during syndication, he said. Standard & Poor's assigned a BB- and a recovery rating of 2 to the term loan.
Douglas declined to comment on which accounts had already committed to the deal, but believes syndication is going well. The additional $100 million will be used to refinance an existing $100 million from the previous facility. Huntsman made the decision to refinance because of market conditions, he said.
The Utah-based chemical company last came to market in December, when it did a seven-year, $350 million add-on term loan priced at LIBOR plus 1 3/4%, to back a merger between Huntsman International and Huntsman Advanced Materials. Deutsche Bank also led that add-on (CIN, 12/9).