Equistar Chemicals to price $325 million eight-year notes Wednesday

By Paul A. Harris

St. Louis, April 14 - Equistar Chemicals, LP is expected to price a quick-to-market offering of $325 million senior notes due 2011 on Wednesday, according to a syndicate source.

Citigroup, Banc of America Securities and JP Morgan are joint bookrunners.

Proceeds from the Rule 144A deal will be used to prepay $300 million of 8½% bonds due 2004.

Moody's Investors Service assigned a B1 rating to the new notes, Standard & Poor's assigned a BB rating and Fitch Ratings assigned a B rating.

The issuer is a Houston-headquartered joint venture between Lyondell Chemical Co. and Millennium Chemicals Inc.

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