Lyondell to redeem 10 7/8% notes with new offering

By Susanna Moon

Chicago, May 30 - Lyondell Chemical Co. said it will repay its $500 million of 10 7/8% senior subordinated notes due May 1, 2009.

To pay for the redemption, the company plans to issue $500 million of 10-year senior unsecured notes. The offering is expected to close June 1.

The lead underwriter is Citigroup Global Markets Inc.

Lyondell, which is based in Houston, is a global chemical and plastics manufacturing company and oil refinery.

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