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Lyondell Chemical prices $500 million Libor plus 400 bps six-year term loan at 99
By Paul A. Harris
St. Louis, March 30 - Lyondell Chemical Co. priced a $500 million six-year senior secured term loan (Ba2) with a Libor plus 400 basis points coupon at a reoffer price of 99.00 on Tuesday, according to an informed source.
The deal features a 150 bps Libor floor.
UBS, Bank of America Merrill Lynch, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, JPMorgan, Morgan Stanley and Wells Fargo Securities were the joint bookrunners.
The coupon came on top of price talk that had been cut from Libor plus 425 bps. The Libor floor also came on top of the 150 bps price talk, which had been cut from 200 bps. The reoffer price came on top of original price talk.
Security for the term loan B following the company's emergence from bankruptcy will be a first-priority lien on substantially all of the issuer's and each subsidiary guarantors' existing future property and assets other than the assets securing the U.S. ABL revolver, 100% of the capital stock of each U.S. subsidiary, 65% of the capital stock of LyondellBasell Subholdings BV and a second-priority lien on the assets that secure the U.S. ABL revolver.
Lyondell's $2.25 billion credit facility also includes a $1.75 billion ABL revolver.
Citigroup is the left lead on the ABL revolver.
Proceeds from the credit facility, the new notes, a new European securitization facility and a $2.8 billion rights offering will be used to repay and replace existing debt, including the company's debtor-in-possession facilities and an existing European securitization facility, and to make related payments when the company exits bankruptcy.
Lyondell is a U.S. subsidiary of LyondellBasell Industries AF SCA, a Netherlands-based polymer, petrochemicals and fuels company.
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