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FINANCIAL RESTRUCTURING
Last week, Huntsman Corp. completed an agreement with its largest bondholder, Marlin Patterson Global Opportunities Partners, to swap $775 million of debt for a 49% stake in the family-owned company. Bankers also extended credit arrangements scheduled to expire next year to 2007.
The deal allows the company to pay past-due interest on remaining bond debt of $96 million and save $85 million in annual interest payments. A measure of how high energy prices and industry overcapacity have stressed the firm can be understood from founder Jon M. Huntsman's comment: "For a privately held company of our size and complexity to come so successfully through such intensely negative economic conditions, and with the original owners retaining board and operations control and majority ownership, is unprecedented." But Peter Huntsman confirmed that further ownership changes are in the works. "I'd like to be in a position to go public within the next two to three years--not at the next peak, but as we approach it. I'd like to give buyers an opportunity to participate in any upturn." |
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