Huntsman International closed a new $350 million term loan B due 2021 and a new $1.375 billion term loan B due 2023. Proceeds from the new term loans were used to repay in full its previous term loan B due 2021 and term loan B due 2023. As a result of this refinancing, the company extended $829 million of term loan maturities from 2021 to 2023 and did not increase its overall indebtedness.

According to a related 8-K filing, JPMorgan Chase was administrative agent for the lenders.

The interest rate for the new term loan B due 2021 is LIBOR+2.75% and the interest rate for the new term loan B due 2023 is LIBOR+3.00%, each with a LIBOR floor of 0.75%. The company estimates that interest savings from the refinancing will be approximately $4 million per year.

Kimo Esplin, EVP and CFO, said, “We remain focused on continually improving our capital structure. This refinancing both extends our debt maturities and reduces interest expense. We are committed to improving our free cash flow generation and reducing debt as we grow our downstream differentiated businesses and work toward separating our Pigments and Additives and Textile Effects businesses.”

The Woodlands, TX-based Huntsman is a publicly traded global manufacturer and marketer of differentiated chemicals with 2015 revenues of more than $10 billion.