Published on 3/26/2012 in the Prospect News High Yield Daily.
New Issue: LyondellBasell prices $3 billion non-callable seven-, 12-year notes
By Paul A. Harris
Portland, Ore., March 26 - LyondellBasell Industries NV priced $3 billion of non-callable senior notes (Ba2/BB+/) in two tranches on Monday, according to a syndicate source.
The chemical company priced a $2 billion tranche of seven-year notes at par to yield 5%. The yield printed on top of price talk, which was upwardly revised from previous talk of 4 7/8% to 5%.
In addition LyondellBasell priced a $1 billion tranche of 12-year notes at par to yield 5¾%, on top of price talk that was upwardly revised from previous talk in the 5½% area.
J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC were the joint physical bookrunners. Barclays Capital, Bank of America Merrill Lynch, Citigroup Global Markets, Deutsche Bank Securities, HSBC, ING, Morgan Stanley & Co. and Wells Fargo Securities were the joint bookrunners.
Proceeds will be used to fund the tender of the company's 8% senior notes due 2017 and its 11% senior notes due 2018.
| Issuer: | LyondellBasell Industries NV
|
| Amount: | $3 billion
|
| Securities: | Senior notes
|
| Joint physical books: | J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC
|
| Joint bookrunners: | Barclays Capital Inc., Bank of America Merrill Lynch, Citigroup Global Markets, Deutsche Bank Securities, HSBC, ING, Morgan Stanley & Co., Wells Fargo Securities
|
| Co-managers: | Mizuho Securities, Scotia Capital, SMBC Nikko, UniCredit Bank
|
| Trade date: | March 26
|
| Settlement date: | April 9
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Marketing: | Quick to market
|
|
|
| Seven-year notes
|
| Amount: | $2 billion
|
| Maturity: | April 15, 2019
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 337 bps
|
| Call protection: | Non-callable
|
| Price talk: | 5%, increased from 4 7/8% to 5%
|
|
|
| 12-year notes
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| Amount: | $1 billion
|
| Maturity: | April 15, 2024
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 323 bps
|
| Call protection: | Non-callable
|
| Price talk: | 5¾%, increased from 5½% area
|
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