On Wednesday, Shares of Huntsman Corporation (NYSE:HUN), subtract -2.33% and closed at $18.89 in the last trading session. The last trading range of the stock ranges between $18.52 and $19.25. Huntsman Corporation (HUN) declared recently that its wholly owned partner, Huntsman International LLC, closed a new $350 million term loan B due 2021 and a new $1,375 million 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.
The interest rate for the new term loan B due 2021 is LIBOR plus 2.75% and the interest rate for the new term loan B due 2023 is LIBOR plus 3.00%, each with a LIBOR floor of 0.75%. The Company estimates that interest savings from the refinancing will be about $4 million per year.
Fairmount Santrol Holdings Inc (NYSE:FMSA), dropped 1.38% and closed at $8.60 in the last trading session. The last trading range of the stock ranges between $8.35 and $8.73. The company’s Market capitalization is $1.99 Billion with the total Outstanding Shares of 222.77 million. Fairmount Santrol (FMSA), a leading provider of high-performance sand and sand-based products, recently declared results for the third quarter of 2016.
Third-Quarter 2016 Results
Third-quarter 2016 revenues were $134.8 million, up 18% from $114.2 million in the second quarter of 2016 and down 21% from $171.0 million for the third quarter of 2015. Overall volumes sold were 2.4 million tons for the quarter, a boost of 24% from 2.0 million tons in the second quarter of 2016 and a boost of 19% from 2.0 million tons in the third quarter of 2015.
For third-quarter 2016, the Company had a net loss of $20.6 million, or $(0.11) per share, contrast with a net loss of $87.9 million, or $(0.54) per share, in the second quarter of 2016. The third-quarter net loss includes $9.8 million of pre-tax fees, or $0.03 per share, from renegotiation of railcar contracts, and $1.8 million of non-cash stock compensation expense, or $0.01 per share. The net loss for the second quarter of 2016 included the following pre-tax charges: asset impairments of $90.6 million, stock compensation expense of $3.9 million, inventory write-downs of $10.3 million, restructuring costs of $1.2 million, and $5.3 million of committed professional fees for cost reduction programs and debt extension fees. Net loss for the third-quarter 2015 was $46.2 million, or $(0.29) per share, and included $2.7 million of stock compensation expense and $5.9 million of pre-tax restructuring and impairment charges.