US manufacturer of differentiated and commodity chemicals, Huntsman Corporation, has announced that it has completed the merger of two of its primary operating subsidiaries -- Huntsman LLC and Huntsman International LLC -- with Huntsman International LLC being the surviving entity.

In connection with the merger, Huntsman International LLC has entered into a new senior secured credit facility providing for a $1.85 billion equivalent term loan due 2012 and up to $650 million equivalents in revolving loans due 2010. 

According to Kimo Esplin, executive vice president and chief financial officer, "The merger will simplify Huntsman's financing and SEC reporting structure and the new credit facility and related financings are expected to result in annual cash interest expense savings of approximately $20 million."

Huntsman manufactures products for a variety of industries including footwear and textiles.