Equistar Chemicals $325 million eight-year notes talked at 10¾% area

By Paul A. Harris

St. Louis, April 15 - Equistar Chemicals, LP's upcoming sale of $325 million of eight-year senior notes (B1/BB/B) is talked at a yield in the 10¾% area, according to a syndicate source.

The deal is expected to price on Wednesday, the source added.

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

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

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.