Home / Knowledge / News / Textiles / Huntsman receives $250 mn from Apollo for 10 year notes
Huntsman receives $250 mn from Apollo for 10 year notes
24
Dec '08
Huntsman Corporation today announced it has received $250 million from affiliates of Apollo Management, L.P. ("Apollo") from the issuance of its 10 year convertible notes. The notes were issued pursuant to Huntsman's previously announced settlement agreement with Hexion Specialty Chemicals, Inc. ("Hexion"), Apollo and certain of its affiliates to settle Huntsman's claims against Hexion, Apollo and its affiliates arising in connection with Huntsman's terminated Merger Agreement with Hexion.

The notes, which bear interest at 7% per annum, will be convertible to shares of Huntsman common stock at the holder's option at any time at a conversion price of $7.857 per share, subject to certain anti-dilution adjustments.

On December 19, Huntsman received a $325 million termination fee provided for in the Merger Agreement. Together with the $250 million proceeds received today for the convertible notes and an additional $250 million settlement payment required to be paid to Huntsman by December 31, 2008, Huntsman expects to receive payments from Apollo and its affiliates that total $825 million by year end 2008.

The remaining $175 million of the $1 billion in payments required by the Settlement Agreement must be made to Huntsman on or before March 31, 2009.

About Huntsman:
Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.

Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman today has 13,000 employees and operates from multiple locations worldwide. The Company had 2007 revenues of approximately $10 billion.

Huntsman Corporation


Must ReadView All

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Textiles | On 22nd Sep 2017

Messe Frankfurt acquires Source Africa, ATF textile shows

Messe Frankfurt, one of the world´s leading trade show organisers,...

Apparel/Garments | On 22nd Sep 2017

Sri Lankan apparel makers seek concessions to import labour

Sri Lanka’s deputy minister for national policies and economic...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search