Huntsman sets IPO price

By David Reed, UT EditorSalt Lake City, Utah-Huntsman Corp has just set the price for its initial public offering, at a level it hopes will generate $1450 million, "substantially all of which will be used to repay outstanding indebtedness," according to an 11 Feb statement.The offer is expected to close by Wednesday 16 Feb.In detail, the firm's statement said it will offer 60 227 274 shares of common stock at $23 per share and 5 000 000 shares of 5-percent mandatory convertible preferred stock at $50 per share. In addition to these shares, "an existing [but unnamed] shareholder will sell a further 4.5 million shares of common stock," the Huntsman statement says. This is believed to be a reference to MatlinPatterson Global Opportunities Partners, which presently owns 49.9-percent of the company.Finally, the statement says, "the selling stockholder has granted the underwriters a 30-day option to purchase up to an additional 9 034 091 shares of common stock to cover over-allotments, if any," the statement explains, adding that "the company has granted the underwriters a 30-day option to purchase up to an additional 750 000 shares of mandatory convertible preferred stock to cover over-allotments, if any."