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Lyondell begins tender offer for 9 5/8% notes due 2007
By Jennifer Chiou
New York, Sept. 5 - Lyondell Chemical Co. announced the start of a cash tender offer for its $849.16 million of 9 5/8% series A senior secured notes due 2007.
The company is also soliciting consents for proposed amendments to the note indenture, including the elimination of substantially all the restrictive covenants, certain events of default and certain other provisions.
The offer ends at midnight ET on Oct. 2. The consent deadline is 5 p.m. ET on Sept. 18.
For each $1,000 principal amount of notes, the company said it will pay an amount based on the present value of the $1,000 repayment price at maturity on May 1, 2007 along with accrued interest to maturity, discounted using the yield to maturity of the 3.625% Treasury due April 30, 2007 and 50 basis points, less accrued interest up to but excluding the payment date.
The payout includes a consent payment of $30.00 for those who tender by the consent deadline.
Pricing will be determined at 2 p.m. ET on Sept. 18.
J.P. Morgan Securities Inc. is the dealer manager and solicitation agent (call collect 212 270-7407 or 800 245-8812). The information agent is D.F. King & Co., Inc. (800 758-5378 or call collect 212 269-5550).
Lyondell is a Houston-based manufacturer of chemicals and gasoline-blending components.
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