Huntsman keeps control; US equity firm takes on ICI stake and swaps bonds for equity. (US newslines).(CSFB Global Opportunities Partners L. P., Imperial Chemical Industries PLC)(Brief Article)(Statistical Data Included)

Urethanes Technology, June, 2002 by Raleigh, Patrick

HOUSTON, TEXAS -- Huntsman family-owned companies expect to emerge from months of financial uncertainty by bringing a major creditor on board as an equity partner. The deal will also mark ICI plc's exit from the polyurethanes sector.

A new Huntsman holding company will be created as part of a debt-restructuring deal with CSFB Global Opportunities Partners LP, a financial company which already owns 82 percent of the bonds issued by Huntsman Corp. and Huntsman Polymers Corp. The equity firm is to swap the bonds--worth about $700 million--and certain other assets for a 49.9-percent stake in the new company. It will also acquire ICI's remaining 30-percent stake in Huntsman International Holdings for $430 million plus interest, by May 2003.

When the latter...

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