Huntsman receives final payment from Apollo affiliates

02-Jan-09
Huntsman Corporation, global manufacturer of differentiated chemicals recently have received the final US$425 mln in payments from affiliates of Apollo Management, L.P., the company statement said. 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 million termination fee provided for in the Merger Agreement. On December 23, Huntsman received US$250 million from Apollo affiliates for 10 year convertible notes issued by Huntsman. 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.
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