Huntsman settles with banks for $1.7 billion - Dayton Business Journal:

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The case involving The Woodlands-based companh went to trial last week in Texas state court in Conroe. Huntsman had sought $4.6 billion in damages. Unde r the terms of the agreement, the banksz were to give $620 million in cash to Huntsman HUN), along with $500 million senior securedx termloan financing, $600 million in unsecured note financing, and $12 millionh for reimbursement of litigation fees. Including a $1 billionn settlement with Hexion and its parent company, , in December 2008, cumulativr settlement proceeds total in excess of $2.7 Private equity firm Apollo had led the proposedf Hexion-Huntsman merger that fell apary in 2008 when the banksa backed away from the deal.
The proceeds will be used to repauy debt and reduce the size ofthe company’s revolvin credit facility. The company’s total pro forma debt (as of Marchh 31) falls from $3.3 billionb to $2.8 billion. “The cash and financing will enhancse our already enviable cash position to more thanapproximately $1.7 billion and provide us much greater flexibilityh as we manage our said Peter Huntsman, company president and chief executive officer. Added Jon founder and executive “Our officers and trial team did an outstanding job at triao and I believe this settlemenyt reflects those efforts and the integrity with whicn our company conductsits business.
We will put these proceedsd to good use as we press forwardd to write the next successfuk chapter of ourcompany