Huntsman Corp. and its operating subsidiary, Huntsman ICI, are the hot topics on most desks this week, with a combined $33 million of the names changing hands. A $23 million piece of Huntsman Corp. was auctioned off in the 76-77 range by one of its original lenders following a syndication meeting, traders said. Although it could not be determined what was discussed, the bank debt has risen up from the 68-73 range, where $10 million traded earlier this week. Huntsman ICI also traded up from the 96 level to the 96 3/4 - 97 3/4 range on rumors that a $200 million bond deal could take out part of the bank debt. Traders believe that $5-10 million changed hands over the week and that institutional investors are driving those trades. Calls to J. Kimo Esplin, senior v.p. and cfo of Huntsman, were not returned.
Bank debt for battery-marker Exide Technologies has dropped roughly 10 points this week to the mid-60s range on increased rumblings that a bankruptcy filing may be in consideration for the company. Traders said that name had been trading, although an amount could not be determined. Joel Weiden, an Exide spokesman, said the company is "looking at a number of options for restructuring our financing." Although he admitted that the company was considering both in and out of court options, the bankruptcy assumptions are premature, he said.