Chemicals, Paper & Packaging Weekly: Chemicals, Paper & Packaging Weekly Update

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Chemicals, Paper & Packaging Weekly: Chemicals, Paper & Packaging Weekly Update

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Chemicals, Paper & Packaging Weekly

Update

Industry Overview

Top Chemical Pick: HUN 2.95s ‘31 13 July 2026

Huntsman’s 2.95% Sr. Nts. ‘31 (OW) are our top HY chemicals pick this quarter. We see a High Yield

potentially attractive catalyst in the announced Olin/Huntsman merger, as the HUN United States

2.95s ‘31 could benefit from a Change of Control. If Olin fails to obtain the direct Industrials/Basic

merger path which requires 67% approval and instead pursues subsidiary merger

structure which only requires 50% approval, Olin would become the direct owner of

Huntsman, which we believe could satisfy the Change of Control definition. With OLN Roger Spitz

paying 15.5x LTM EBITDA (excluding synergies) for HUN, we think it is more likely to Research Analyst BofAS

achieve the subsidiary merger path. Combined with the applicable Ratings Event +1 646 855 6946

requirement, this could allow bondholders to put the bonds at 101% of par, providing roger.spitz@bofa.com

meaningful upside relative to current trading levels. OliviaResearchCui,AnalystCFA

BofAS

Exhibit 2: Notable Events for the Week Ending Jul 10, 2026 +1 646 855 6531

olivia.cui@bofa.com

Notable events in the Chemicals and Paper & Packaging sectors

July 10 Mercer International received notice from NASDAQ that it is no longer in compliance with the minimum bid

price requirement of $1.00/share, and has 180 calendar day period to regain compliance.

Exhibit 1:Table of Contents July 10 INEOS and Recuro, a Norwegian recycler, signed a Memorandum of Understanding to build a 33,000 mt

13-JUL-2026 Weekly advanced end-of-life plastic waste recycling plant at INEOS’s Bamble, Norway facility, and will produce