Equistar Chemicals to price $200 million add-on to 10 5/8% notes on Tuesday

By Paul A. Harrris

St. Louis, Nov. 17 - Equistar Chemicals, LP expects to price a $200 million add-on to its 10 5/8% senior notes due May 1, 2011 (B2/BB-) on Tuesday, according to a syndicate source. An investor conference call is scheduled for Tuesday morning.

JP Morgan, Citigroup and Banc of America Securities are joint bookrunners on the Rule 144A offer. The co-managers are BancOne Capital Markets, BNY, Credit Lyonnais and UBS Investment Bank.

The notes contain a make-whole call at T+50 basis points until May 1, 2007, then are callable at 105.313, with the premium declining annually to 102.656, then to par in 2009

The Houston-based joint venture between Lyondell Chemical Co. and Millennium Chemicals Inc. plans to use the proceeds to repay bank debt.

The original $450 million priced April 16.

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