ICI agreed to hold a 30 per cent stake in its former businesses through HICI
as part of the deal.
Best will monitor the operating performance of HICI
, given its premium and exposure growth during a period of competitive market conditions.
ICI's shareholding in HICI and the HICI notes have been accounted for as an associate in the Group's financial statements.
ICI does not receive dividends on its equity investment in HICI and the notes contribute accrued (non-cash) interest.
The ratings of HICI
's Bermuda based affiliate, Hiscox Insurance Company (Bermuda) Limited (Hiscox Bermuda) are extended to HICI
Best has afforded Hiscox USA and HICI
full rating enhancement, and both have been extended the ratings of HICI
's Bermuda-based affiliate, Hiscox Insurance Company (Bermuda) Limited (Hiscox Bermuda).
Huntsman Corporation and Imperial Chemical Industries (ICI) formed HICI
in April to acquire ICI's polyurethanes, titanium dioxide, petrochemical and aromatics businesses.
The creation of HICI significantly increases the size of our current business and substantially boosts our overall global presence, particularly in Europe.
25 pounds) billion in cash on completion and $241 (150 pounds) million of HICI Notes (expected to be marketable six months after completion).
This comprises a 30 per cent interest in HICI and a second tranche of HICI Notes.
HICI will also include the Huntsman Debt free valuation $900 million propylene oxide business which is (approximately) sourced by its plant $901.
5 (150 pounds) million of HICI Notes marketable from the later of six months after completion or three months after the high yield offering planned to finance the transaction.