AP Alternative Assets, L.P.
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Publicatie datum
15 dec 2008 - 05:08
Statutaire naam
AP Alternative Assets, L.P.
Titel
AP Alternative Assets Provides Notice Regarding Settlement with Huntsman
Bericht
Guernsey, Channel Islands, December 14, 2008
AP Alternative Assets, L.P. (“AAA”, Euronext Amsterdam: AAA) hereby provides notice that a settlement agreement was reached on December 14, 2008 to end all litigation among certain affiliates of AAA’s investment manager and certain of their principals, Hexion Specialty Chemicals, Inc. (“Hexion”) and Huntsman Corporation (“Huntsman”). Huntsman terminated the merger agreement with Hexion on December 13, 2008, and Hexion will pay Huntsman the $325 million merger agreement termination fee. Hexion has financial commitments from affiliates of Credit Suisse and Deutsche Bank to fund the $325 million termination fee, which Hexion LLC expects to promptly draw to fund the payment.
In summary, under the terms of the settlement, affiliates of AAA’s investment manager, have agreed to pay Huntsman $425 million in the aggregate to settle all claims. AAA will not pay any portion of such $425 million settlement. In addition, Apollo Investment Fund VI, L.P., together with its parallel investment vehicles (“Fund VI”), and AAA have agreed to purchase $250 million principal amount of Huntsman senior convertible notes, with a 7% coupon. AAA’s portion of such investment in Huntsman, in accordance with AAA’s co-investment arrangement with Fund VI, will be 12.5% of the aggregate investment. Separately, certain affiliates of AAA’s investment manager, including Fund VI, and AAA have agreed to make a $200 million aggregate investment in Hexion, the proceeds of which will be used by Hexion for general business purposes. Fund VI and AAA in the aggregate will invest $155 million of the $200 million in Hexion, and AAA’s portion of such investment, in accordance with AAA’s co-investment arrangement with Fund VI, will be 12.5% of the $155 million investment. The investments by AAA described herein are in lieu of AAA’s previously disclosed contingent commitment associated with the transaction.
About AAA
AAA was established by Apollo and is a c
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