LyondellBasell Completes Offering of $2B of 5% Senior Notes; $1B 5.75% 2024 Notes; Finance Repurchase 8%, 11% Notes
LyondellBasell Industries N.V. (NYSE: LYB) today announced that it has completed its offering of $2.0 billion of 5.000% senior notes due 2019 and $1.0 billion of 5.750% senior notes due 2024.
LyondellBasell intends to use the net proceeds from the offering of the notes, together with cash on hand, to finance the repurchase of any and all of Lyondell Chemical Company's 8% Senior Secured Notes due 2017 and any and all of Lyondell Chemical Company's 11% Senior Secured Notes due 2018, including through tender offers, and consent solicitations, and to pay fees and expenses related to the repurchase. All remaining proceeds from this offering not used to repurchase the 8% Senior Secured Notes due 2017 and the 11% Senior Secured Notes due 2018 will be used for general corporate purposes. The notes are guaranteed on a senior basis by, subject to certain exceptions, each existing and future wholly owned United States subsidiary of the company that is an issuer or co-issuer in respect of, or guarantees, any debt securities issued in the capital markets by the Company or any subsidiary.
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