Lyondell to price $350 million seven-year notes Friday

By Paul A. Harris

St. Louis, Mo., Nov. 29 - Lyondell Chemical Co. announced an offering of $350 million of seven-year senior secured notes (Ba3/BB).

Pricing is scheduled for Friday, a syndicate source told Prospect News.

Salomon Smith Barney, and J.P Morgan are joint bookrunners, the source said, adding that the syndicate also includes Banc of America Securities, Credit Suisse First Boston, Banc One Capital Markets, Credit Lyonnais, Mizuho, Scotia Capital and Societe Generale.

The notes will be non-callable for four years and sold under Rule 144A.

Proceeds will be used by the Houston, Texas-based company to repay bank debt, the source said.

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