Huntsman International entered into a new $550 million term loan B due 2023. Proceeds from the new term loan were used to repay in full its term loan B due 2017 and remaining term loan C due 2016. The company also extended its revolving credit facility to 2021 in the increased amount of $650 million.

According to an 8-K SEC filing, JPMorgan Chase served as administrative agent. J.P. Morgan Securities served as sole lead arranger and bookrunner.

“This refinancing extends our debt maturities for several years providing greater flexibility for the deployment of cash allocation. Our free cash flow generation will improve by $350 million in 2016 compared to the prior year; we expect additional improvements in subsequent years. We intend to reduce our debt by more than $500 million over the next three years with our increased free cash flow generation,” said Kimo Esplin, Huntsman executive vice president and CFO.

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2015 revenues of more than $10 billion.