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Lyondell plans to raise $3,250 mn of first priority debt

13
Mar '10
LyondellBasell announced that its wholly owned subsidiary, Lyondell Chemical Company, plans to raise $3,250 million of first priority debt, including an offering of senior secured notes in a private placement and borrowings under a senior term loan facility.

The net proceeds from the sale of the Notes, together with borrowings under the Term Loan and a new European securitization facility and proceeds from a $2,800 million rights offering,would be used upon emergence from bankruptcy to repay and replace certain existing debt, including debtor-in-possession credit facilities and an existing European securitization facility and to make certain related payments.

The Notes and Term Loan will be senior secured obligations of Lyondell Chemical and will be guaranteed by LyondellBasell Industries N.V. (the new Dutch parent of the LyondellBasell group) and, subject to certain exceptions, substantially all wholly owned U.S. restricted subsidiaries of LyondellBasell Industries N.V.

The Notes and the guarantees of the Notes will not be registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements. The Notes will be offered only to "qualified institutional buyers" in accordance with Rule 144A under the Securities Act and to non-"U.S. persons" in accordance with Regulation S under the Securities Act.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies.

LyondellBasell Industries


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