Published on 2/25/2014 in the Prospect News Investment Grade Daily.
New Issue: LyondellBasell prices upsized $1 billion 4.875% 30-year notes at 130 bps spread
By Aleesia Forni
Virginia Beach, Feb. 25 - LyondellBasell Industries NV priced $1 billion of 4.875% 30-year senior notes on Tuesday at Treasuries plus 130 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/BBB/) priced at 98.831 to yield 4.95%.
The offering was issued through financing subsidiary LYB International Finance BV and guaranteed by LyondellBasell Industries.
Barclays, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including the 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 with $1.5 billion of notes priced in two tranches on July 11, 2013.
| Issuer: | LYB International Finance BV
|
| Guarantor: | LyondellBasell Industries NV
|
| Amount: | $1 billion, upsized from $750 million
|
| Description: | Senior notes
|
| Maturity: | March 15, 2044
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Co-managers: | HSBC Securities (USA) Inc., BofA Merrill Lynch, Mizuho Securities USA Inc., Scotia Capital (USA) Inc., Wells Fargo Securities LLC
|
| Coupon: | 4.875%
|
| Price: | 98.831
|
| Yield: | 4.95%
|
| Spread: | Treasuries plus 130 bps
|
| Make-whole call: | Treasuries plus 20 bps prior to Sept. 15, 2043, then callable at par
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 25
|
| Settlement date: | Feb. 28
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Price talk: | Treasuries plus 135 bps area, tightened from Treasuries plus 140 bps to 145 bps
|
| Distribution: | SEC registered
|
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