Lyondell Chemical buys back long-term secured bonds
08 Nov 2011
Lyondell Chemical Company, a wholly-owned subsidiary of petrochemicals giant LyondellBasell Industries NV has purchased $1,203,615,000 worth of the company's outstanding 8 per cent senior secured dollar notes, due 2017, euro199,827,000 worth of 8 per cent senior notes due 2017, and the $1,318,672,000 11 per cent senior secured dollar notes due 2018, tendered in its previously announced cash tender offer.
The tender offer was oversubscribed with respect to each series of notes and the company, therefore, has accepted for purchase tendered notes on a prorated basis in the manner described in the offer.
Holders who tender notes or deliver consents after 5:00 pm New York City time, on 2 November 2011 will not have any of their notes or consents accepted for payment.
The total aggregate principal amount of dollar notes, euro notes and 11 per cent notes held by all holders as of 20 October 2011 stood at $1,822,500,000, euro 303,750,000 and $3,240,225,105, respectively.
D F King & Co Inc is acting as the depositary and information agent at while BofA Merrill Lynch and Credit Suisse are acting as lead dealer managers for the tender offer and as solicitation agents for the consent solicitation. Citigroup and Deutsche Bank Securities are acting as joint dealer managers for the tender offer and as solicitation agents for the consent solicitation.
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