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HUN > SEC Filings for HUN > Form 8-K on 19-Nov-2008All Recent SEC Filings

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Form 8-K for HUNTSMAN CORP


19-Nov-2008

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance She


Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The following information is furnished pursuant to Item 1.01, "Entry into a Material Definitive Agreement" and Item 2.03, "Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant."

On November 13, 2008, Huntsman International LLC ("Huntsman International"), a wholly-owned subsidiary of Huntsman Corporation, completed an amendment and expansion of its accounts receivable securitization program (the "Amended A/R Program"). In connection with this amendment and expansion, among other things, the Amended A/R Program (1) added two subsidiaries of Huntsman International as receivables originators under the program, (2) increased the size of the program to an aggregate currency equivalent of approximately 575 million U.S. dollars,
(3) added two new financial institutions as funding agents for their related commercial paper conduits and liquidity providers, and (4) extended the term of the program through November 12, 2009. As a result of the Amended A/R Program, Huntsman International expects to have commercial paper conduit financing available at an interest rate equal to commercial paper cost of funds plus 150 basis points per annum.

In connection with the Amended A/R Program, the following agreements, among others, were entered into on November 13, 2008:

(i) Second Amendment to the Second Amended and Restated Pooling Agreement, among Huntsman Receivables Finance LLC, Huntsman (Europe) BVBA, the conduit purchasers party thereto as Series 2000-1 conduit purchasers, the several financial institutions party thereto as Series 2000-1 APA banks, the several financial institutions party thereto as funding agents, JPMorgan Chase Bank, N.A. as administrative agent and BNY Financial Services plc, the successor to J.P. Morgan Bank (Ireland) plc, as trustee, The Bank of New York Mellon, and JPMorgan Chase Bank, N.A.;

(ii) Second Amended and Restated 2000-1 Supplement to Second Amended and Restated Pooling Agreement, among Huntsman Receivables Finance LLC, Huntsman (Europe) BVBA, the several financial institutions party thereto as funding agents, the Series 2000-1 Conduit Purchasers party thereto, the several financial institutions party thereto as Series 2000-1 APA Banks, J.P.Morgan Securities Ltd., JPMorgan Chase Bank, N.A., and BNY Financial Services plc, the successor to J.P.Morgan (Ireland) plc, as trustee.

(iii) Amendment to the Second Amended and Restated Servicing Agreement, among Huntsman Receivables Finance LLC, Huntsman (Europe) BVBA, the various affiliates of Huntsman International LLC party thereto as local servicers, Huntsman International LLC, as servicer guarantor, BNY Financial Services plc, the successor to J.P.Morgan Bank (Ireland), as trustee, and PricewaterhouseCoopers LLP, as liquidation servicer.

The registrants have filed the agreements set forth in clauses (i) through
(iii) above as exhibits to this periodic report on Form 8-K.

In connection with the Amended A/R Program, we terminated the short term committed revolving credit facility of our subsidiary, Huntsman (UK) Limited, entered into on June 30, 2008, of which nothing was drawn as of November 13, 2008.




Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Number                            Description of Exhibits
10.1       Second Amendment to the Second Amended and Restated Pooling Agreement,
           among Huntsman Receivables Finance LLC, Huntsman (Europe) BVBA, the
           Series 2000-1 conduit purchasers party thereto, the several financial
           institutions party thereto as Series 2000-1 APA banks, the several
           financial institutions party thereto as funding agents, JPMorgan Chase
           Bank, N.A. as administrative agent and BNY Financial Services plc, the
           successor to J.P. Morgan Bank (Ireland) plc, as trustee, The Bank of
           New York Mellon, and JPMorgan Chase Bank, N.A., dated as of
           November 13, 2008.

10.2       Second Amended and Restated 2000-1 Supplement to Second Amended and
           Restated Pooling Agreement, among Huntsman Receivables Finance LLC,
           Huntsman (Europe) BVBA, the several financial institutions party
           thereto as funding agents, the Series 2000-1 Conduit Purchasers party
           thereto, the several financial institutions party thereto as
           Series 2000-1 APA Banks, J.P.Morgan Securities Ltd., JPMorgan Chase
           Bank, N.A., and BNY Financial Services plc, the successor to
           J.P.Morgan (Ireland) plc, as trustee, dated as of November 13, 2008.

10.3       Amendment to the Second Amended and Restated Servicing Agreement,
           among Huntsman Receivables Finance LLC, Huntsman (Europe) BVBA, the
           various affiliates of Huntsman International LLC party thereto as
           local servicers, Huntsman International LLC, as servicer guarantor,
           BNY Financial Services plc, the successor to J.P.Morgan Bank
           (Ireland), as trustee, and PricewaterhouseCoopers LLP, as liquidation
           servicer, dated as of November 13, 2008.


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