Lyondell $275 million 10-year notes talked at 11%-11¼%, pricing Wednesday

By Paul A. Harris

St. Louis, Mo., June 24 - Price talk of 11%-11¼% emerged Monday on Lyondell Chemical Co.'s planned offering of $275 million senior secured notes due July 1, 2012 (BB), according to a syndicate source. The deal is expected to price Wednesday morning.

Salomon Smith Barney, JPMorgan, Banc of America Securities and Credit Suisse First Boston are joint bookrunners.

The off-the-shelf notes are non-callable for five years.

Proceeds will be used to prepay approximately $200 million of $621 million of outstanding term loans and for general corporate purposes.

The notes are guaranteed by subsidiaries Lyondell Chemical Nederland, Ltd., ARCO Chemical Technology, Inc. and ARCO Chemical Technology, LP.

The issuer is a Houston-headquartered chemical company.

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