Published on 2/26/2015 in the Prospect News Investment Grade Daily.
New Issue: LyondellBasell prices $1 billion 4.625% 40-year notes at 210 bps spread
By Aleesia Forni
Virginia Beach, Feb. 26 – LyondellBasell Industries NV priced $1 billion of senior notes (Baa1/BBB/) on Thursday with a spread of Treasuries plus 210 basis points, according to a market source and a FWP filing with the Securities and Exchange Commission.
Pricing was at 98.353 to yield 4.717%.
The notes sold at the tight end of the Treasuries plus 215 bps area talk.
A planned 40-year tranche of bonds was dropped prior to the deal’s launch.
The bookrunners were Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays, Citigroup Global Markets Inc., BofA Merrill Lynch and Wells Fargo Securities, LLC.
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.
| Issuer: | LyondellBasell Industries NV
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| Issue: | Senior notes
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| Amount: | $1 billion
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| Bookrunners: | Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays, Citigroup Global Markets Inc., BofA Merrill Lynch and Wells Fargo Securities, LLC
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| Co-managers: | BNY Mellon Capital Markets LLC, HSBC Securities (USA) Inc., ING Financial Markets LLC, MUFG, Mizuho Securities USA Inc., PNC Capital Markets LLC, Regions Securities LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., UniCredit Capital Markets LL
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| Maturity: | Feb. 26, 2055
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| Coupon: | 4.625%
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| Price: | 98.353
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| Yield: | 4.717%
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| Spread: | 210 bps
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| Price talk: | 215 bps area
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| Make-whole call: | 35 bps prior to Aug. 26, 2054, then callable at par
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| Change-of-control: | 101%
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| Trade date: | Feb. 26
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| Settlement date: | March 5
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| Ratings: | Moody’s: Baa1
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| Standard & Poor’s: BBB
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| Distribution: | SEC-registered
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