Millennium tenders for up to $350 million 7% notes due 2006

By Jennifer Chiou

New York, Aug. 29 - Millennium America Inc. said it launched a cash tender offer for up to $350 million of its 7% senior notes due 2006.

Those who tender their holdings by the early tender deadline at 5 p.m. ET on Sept. 12 will receive the $30.00 per $1,000 principal amount early tender payment. Investors who tender their notes after the Sept. 12 but before midnight ET on Sept. 26, unless extended, will not receive the early tender payment.

For each $1,000 principal amount of notes, the wholly owned subsidiary of Millennium Chemicals, Inc. will pay an amount based on the redemption price on the notes to Nov. 25, 2006, discounted using a yield to Nov. 15, 2006 of the 3½% Treasury plus 75 basis points.

The company will also pay accrued interest up to but excluding the settlement date.

The price determination date is Sept. 13.

If the offer is oversubscribed, Millennium said tenders of notes will be prorated based on the principal amount of notes tendered amount of notes outstanding.

Banc of America Securities is dealer manager (888 292-0070 or call collect 704 388-4813). D.F. King & Co., Inc. is the information agent (800 758-5378 or call collect 212 269-5550).

Millennium Chemicals produces chemicals, including titanium dioxide and is a wholly owned subsidiary of Lyondell Chemical Co., which is a Houston-based manufacturer and marketer of performance chemicals.

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