Hexion pays Huntsman $325 million termination fees
20 Dec 2008
Huntsman Corporation today said it had received the $325 million termination fee provided for in the merger agreement between Huntsman and Hexion Specialty Chemicals, Inc.
Hexion had committed to pay the termination fee in connection with the previously announced $1 billion settlement between Huntsman and Hexion, Apollo Management, L.P. and certain of its affiliates.
Huntsman expects to receive another $250 million payment from Apollo affiliates and a further $250 million payment upon the issue of 10 year Huntsman convertible notes to Apollo on or before 31 December 2008.
The remaining $175 million of payments will be made on or before March 31, 2009.
Huntsman's president and CEO Peter R. Huntsman said, ''Receipt of these proceeds will enhance the strength of Huntsman's balance sheet and better position our company to prosper during the current turbulence in the global economy.''
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