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| HUN > SEC Filings for HUN > Form 8-K on 19-Nov-2008 | All Recent SEC Filings |
19-Nov-2008
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance She
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.
(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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