By Patrick Raleigh, UT On-line news editorSalt Lake City, Utah — Huntsman (the Huntsman companies) is planning an IPO (initial public offering) of common stock, which will be used to pay down debts, which currently total around $5300 million, the company announced 13 Sept. Existing shareholders are also expected to participate in the IPO said Huntsman, which aims to file a registration statement for the offer during the fourth quarter of 2004. In February, Huntsman announced that it was preparing for an "equity event" via a rationalisation programme led by Patrick Thomas, who had formerly led the company’s polyurethanes business. Thomas has since left the company to pursue other interests.Under the financial restructuring, completed in September 2002, equity firm MatlinPatterson Global Opportunities Partners gained a 49.9-percent stake in Huntsman, with the remainder retained by the Huntsman family."
