Credit Suisse, Deutsche launch syndication of Huntsman's $500 million term loan

By Sara Rosenberg

New York, Sept. 8 - Credit Suisse and Deutsche Bank launched the sell-down of Huntsman Corp.'s $500 million term loan on Tuesday, according to a market source.

The two banks provided the company with the loan on June 23 as part of the settlement agreement for fraud and tortious interference in connection with the terminated merger agreements with Basell and Hexion Specialty Chemicals Inc.

The seven-year senior secured term loan is priced at Libor plus 225 basis points.

Talk on the original issue discount has not yet emerged, the source said.

Books are expected to close by the end of the week.

Covenants and restrictions under the existing senior secured credit facility apply to this term loan as well.

Proceeds were used to repay some of the company's outstanding debt and enhance liquidity.

Huntsman is a Salt Lake City, Utah-based manufacturer and marketer of differentiated chemicals.

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