Lyondell Chemical expected to launch $1.775 billion notes this week

By Paul A. Harris

St. Louis, Sept. 5 - Lyondell Chemical Co. is expected to launch a $1.775 billion offering of senior unsecured notes later this week, according to a market source.

JP Morgan will lead the deal in a syndicate that includes Morgan Stanley and others.

Proceeds from the notes will be used to fund the 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.

The Houston-based independent, publicly traded chemical company also announced on Tuesday that it plans to put in place a $2.575 billion credit facility.

© 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.