Published on 6/26/2002 in the Prospect News High Yield Daily.
New Issue: Lyondell $278 million 10-year notes yield 11¼%
By Paul A. Harris
St. Louis, Mo., June 26 - Lyondell Chemical Co. slightly upsized to $278 million from $275 million its offering of senior secured notes due July 15, 2012 (Ba3/BB) and priced them Wednesday at 99.248 to yield 11¼%, according to a syndicate source.
Salomon Smith Barney, JPMorgan, Banc of America Securities and Credit Suisse First Boston were joint bookrunners. Scotia Capital was the co-manager.
Proceeds from the off-the-shelf offering will be used to prepay approximately $200 million of its $621 million outstanding term loans and for general corporate purposes.
The issuer is a Houston-headquartered chemical company.
Issuer: Lyondell Chemical Co.
| Amount: | $278 million (increased from $275 million)
|
| Maturity: | July 15, 2012
|
| Type: | Senior secured notes
|
| Bookrunners: | Salomon Smith Barney, JPMorgan, Banc of America Securities, Credit Suisse First Boston (joint)
|
| Co-manager: | Scotia Capital
|
| Coupon: | 11 1/8%
|
| Price | 99.248
|
| Yield: | 11¼%
|
| Price talk: | 11%-11¼%
|
| Spread: | 650 basis points over the 10-year Treasury
|
| Call features: | Callable on July 15, 2007 at 105.563, 103.708, 101.854, par on July 15, 2010 and thereafter
|
| Equity clawback: | None
|
| Settlement date: | July 2, 2002 (T+4)
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| CUSIP: | 552078AR8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
