Lyondell repricing term loan, moving to covenant-light

By Sara Rosenberg

New York, March 5 - Lyondell Chemical Co. is looking to reprice its term loan and change the structure to a covenant-light deal, according to a market source.

JPMorgan is the lead bank on the loan.

Under the proposal, pricing on the debt would drop to Libor plus 150 basis points from Libor plus 175 bps, the source said.

Lyondell is a Houston-based independent, publicly traded chemical company.

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