Huntsman Corporation announced that its wholly owned subsidiary, Huntsman International LLC, entered into a new $550 million term loan B due 2023.  Proceeds from the new term loan were used to repay in full its term loan B due 2017 and remaining term loan C due 2016.

The interest rate for the new term loan B is LIBOR plus 3.50% with a LIBOR floor of 0.75%.  Based upon the company's current LIBOR forecast, it expects interest expense of approximately $215 million in total within 2016.

The company also extended its revolving credit facility to 2021 in the increased amount of $650 million.

Kimo Esplin, Executive Vice President and CFO, commented: "This refinancing extends our debt maturities for several years providing greater flexibility for the deployment of cash allocation.  Our free cash flow generation will improve by $350 million in 2016 compared to the prior year; we expect additional improvements in subsequent years.  We intend to reduce our debt by more than $500 million over the next three years with our increased free cash flow generation."

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2015 revenues of more than $10 billion. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets.