Lyondell Chemical accepts early tenders for its 8% Senior Secured Notes due 2017, 11% Senior Secured Notes due 2018

Alison Gallant

Alison Gallant

Nov 8, 2011 – PRNewswire

ROTTERDAM, Netherlands , November 8, 2011 (press release) – LyondellBasell Industries N.V. (NYSE: LYB) today announced that its wholly-owned subsidiary, Lyondell Chemical Company (the "Company"), has accepted for purchase $1,203,615,000 aggregate principal amount of the Company's outstanding 8% Senior Secured Dollar Notes due 2017 (the "Dollar Notes"), euro 199,827,000 aggregate principal amount of the Company's 8% Senior Secured Euro Notes due 2017 (the "Euro Notes" and together with the Dollar Notes, the "8% Notes"), and $1,318,672,000 aggregate principal amount of the Company's outstanding 11% Senior Secured Dollar Notes due 2018 (the "11% Notes" and together with the 8% Notes, the "Notes") tendered in its previously announced cash tender offer (the "Tender Offer").

As announced on Nov. 4, 2011, the Tender Offer is oversubscribed with respect to each series of Notes. The Company therefore has accepted for purchase tendered Notes on a prorated basis in the manner described in the Offer to Purchase and Consent Solicitation dated as of Oct. 20, 2011. Holders who tender Notes or deliver Consents after 5:00 p.m., New York City time, on Nov. 2, 2011 (the "Early Tender/Consent Deadline") will not have any of their Notes or Consents accepted for payment. The following table sets forth the original outstanding principal amount of each series of Notes included in the Tender Offer, the principal amount of each such series that had been tendered and not withdrawn as of the Early Tender/Consent Deadline, the principal amount accepted for purchase for each such series and the approximate proration factor for each such series.

   

Securities

Principal Amount Outstanding Held by Non-Affiliates(1)

Aggregate Principal Amount Tendered and Not Withdrawn

Aggregate Principal Amount Accepted for Purchase(2)




Approximate
Proration
Factor(2)

 

8% Dollar Notes due 2017

$1,822,500,000

$1,796,894,000

$1,203,615,000

66.9831%

 

8% Euro Notes due 2017

euro 303,750,000

euro 299,823,930

euro 199,827,000

66.6481%

 

11% Notes due 2018

$2,637,342,089

$2,618,963,978

$1,318,672,000

50.3509%

 
         

 

(1)

As of October 20, 2011.  The total aggregate principal amount of Dollar Notes, Euro Notes and 11% Notes held by all Holders as of October 20, 2011 is $1,822,500,000, euro 303,750,000 and $3,240,225,105, respectively.

 

(2)

Reflects the results of rounding upon the terms and conditions described in the Offer to Purchase.

 
   
The complete terms and conditions of the Tender Offer and Consent Solicitation are described in the Company's Offer to Purchase and Consent Solicitation dated as of Oct. 20, 2011 (the "Statement") and related Letter of Transmittal and Consent, copies of which may be obtained by contacting D.F. King & Co., Inc. as the depositary and information agent at (800) 431-9645 (toll free). 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. Questions regarding the terms of the Tender Offer and Consent Solicitation may be directed to BofA Merrill Lynch at (888) 292-0070 (toll-free) or (980) 683-3215 (collect) or Credit Suisse at (800) 820-1653 (toll free) or (212) 325-5912 (collect).

LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical and refining companies. The company manufactures products at 58 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive parts, home furnishings, construction materials and biofuels. More information about LyondellBasell can be found at www.lyondellbasell.com.

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