Published on 5/17/2023 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: LyondellBasell sells $500 million 5.625% 10-year notes at Treasuries plus 205 bps
By Wendy Van Sickle
Columbus, Ohio, May 17 – LYB International Finance III, LLC, a subsidiary of LyondellBasell Industries NV (Baa2/BBB/BBB), priced $500 million of 5.625% 10-year notes on Wednesday with a spread of 205 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.895 to yield 5.639%.
ING Financial Markets LLC, Morgan Stanley & Co. LLC, Barclays, BofA Securities, Inc., SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC were the bookrunners.
Proceeds will be used to finance or refinance eligible green projects in the categories of circular economy adapted products, production technologies and processes, renewable energy, pollution prevention and control and energy efficiency.
The notes are guaranteed by the parent, a Houston-based chemical company with executive offices in London and incorporated in the Netherlands.
| Issuer: | LYB International Finance III, LLC
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| Guarantor: | LyondellBasell Industries NV
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| Amount: | $500 million
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| Issue: | Notes
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| Maturity: | May 15, 2033
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| Bookrunners: | ING Financial Markets LLC, Morgan Stanley & Co. LLC, Barclays, BofA Securities, Inc., SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC
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| Trustee: | Bank of New York Mellon Trust Co., NA
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| Counsel to issuer: | Gibson, Dunn & Crutcher LLP (U.S. law) and De Brauw Blackstone Westbroek NV (Dutch law)
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| Counsel to underwriters: | Davis Polk & Wardwell LLP
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| Coupon: | 5.625%
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| Price: | 99.895
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| Yield: | 5.639%
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| Spread: | Treasuries plus 205 bps
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| Call: | Make-whole call at Treasuries plus 35 bps until Feb. 15, 2033, then a par call
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| Put: | At 101
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| Trade date: | May 17
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| Settlement date: | May 19
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB
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| Distribution: | SEC registered
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| Cusip: | 50249AAL7
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