Huntsman Corp receives final US$425 mln in payments from affiliates of Apollo

05-Jan-09
Huntsman Corp has received the final US$425 mln in payments from affiliates of Apollo Management, L.P. The payments were made pursuant to Huntsman's agreement with Hexion Specialty Chemicals, Inc., Apollo and certain of its affiliates to settle Huntsman's claims against Hexion, Apollo and its affiliates arising in connection with Huntsman's now terminated Merger Agreement with Hexion. This payment completes the US$1 bln required to be paid to Huntsman under the Settlement Agreement.On December 19, Huntsman received a US$325 mln termination fee provided for in the Merger Agreement. On December 23, Huntsman received US$250 mln from Apollo affiliates for 10 year convertible notes issued by Huntsman.
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