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Lyondell Chemical to launch $2.575 billion credit facility Thursday
By Paul A. Harris
St. Louis, Sept. 5 - Lyondell Chemical Co. will launch a $2.575 billion credit facility at a bank meeting on Thursday morning, according to a market source.
The facility, comprised of a $1.775 billion seven-year term loan talked at Libor plus 200 basis points and an $800 million five-year revolving credit facility, is being arranged by JP Morgan.
The company also announced on Tuesday that it plans to sell $1.775 billion of senior unsecured notes.
Proceeds from the notes will be used to fund a tender for $849 million of the company's 9 5/8% senior secured notes due May 1, 2007 and to repay a portion of the seven-year term loan used to finance Lyondell's acquisition of Citgo Petroleum Corp.'s 41.25% interest in Lyondell-Citgo Refining LP.
Lyondell is a Houston-based independent, publicly traded chemical company.
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