After rejecting RIL bid, Lyondell plans to raise US$3,250 mln worth of first priority debt

15-Mar-10
Lyondell Chemical Company, a wholly-owned subsidiary of LyondellBasell Industries AF S.C.A. (formerly Basell), plans to raise US$3,250 mln worth of first priority debt, including an offering of senior secured notes in a private placement and borrowings under a senior term loan facility. The notes and term loan will be senior secured obligations of Lyondell Chemical and will be guaranteed by LyondellBasell Industries N.V. and substantially all wholly-owned US restricted subsidiaries of LyondellBasell Industries. Lyondell Chemical intends to use net proceeds upon emergence from bankruptcy to repay and replace certain existing debt, including debtor-in-possession credit facilities and an existing European securitization facility and to make certain related payments.
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