By Aleesia Forni
Virginia Beach, Va., July 12 - LyondellBasell Industries NV gave terms of its $1.5 billion sale of senior notes (Baa2/BBB-/), which priced in two tranches on Thursday, according to a filing with the Securities and Exchange Commission.
The offering was issued through financing subsidiary LYB International Finance BV and guaranteed by LyondellBasell Industries.
A $750 million tranche of 4% 10-year notes priced at 98.678 to yield 4.163%, or a spread of Treasuries plus 160 basis points.
The notes feature a make-whole call at Treasuries plus 25 bps.
There was also $750 million of 5.25% 30-year bonds priced at 97.004 to yield 5.454%, or 185 bps over Treasuries.
The 30-year bonds feature a make-whole call at Treasuries plus 25 bps.
The two tranches also feature a change-of-control put at 101%.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including repurchase of LyondellBasell's ordinary shares.
The Houston-based chemical company has executive offices in London and is incorporated in the Netherlands. It was last in the U.S. bond market when it was junk-rated (Ba2/BB+/). That sale was $3 billion priced in two tranches on March 26, 2012.
| Issuer: | LYB International Finance BV
|
| Guarantor: | LyondellBasell Industries NV
|
| Issue: | Senior notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC
|
| Co-managers: | Barclays, Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc.
|
| Change-of-control put: | 101%
|
| Trade date: | July 11
|
| Settlement date: | July 16
|
| Change-of-control put: | 101%
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | July 15, 2023
|
| Coupon: | 4%
|
| Price: | 98.678
|
| Yield: | 4.163%
|
| Spread: | Treasuries plus 160 bps
|
| Make-whole call: | Treasuries plus 25 bps
|
|
|
| 30-year bonds
|
| Amount: | $750 million
|
| Maturity: | July 15, 2043
|
| Coupon: | 5.25%
|
| Price: | 97.004
|
| Yield: | 5.454%
|
| Spread: | Treasuries plus 185 bps
|
| Make-whole call: | Treasuries plus 30 bps
|
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