LyondellBasell Industries NV (LYB) Message Board

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Gold/Mining/Energy : LyondellBasell Industries NV (LYB)

LYB 46.42

+2.7%

Oct 31 9:30 AM EST

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From: Savant	11/4/2011 12:55:49 AM
	of 98

LyondellBasell Says $2.79B Debt Tender Offer Oversubcribed Last Update: 11/3/2011 8:58:14 AM DOW JONES NEWSWIRES LyondellBasell Industries NV (LYB) said Thursday that early results from an offer launched by one of its units to buy back up to $2.79 billion in debt was oversubscribed, leading it to accept tendered notes on a prorated basis. Early results of the cash tender offer for up to $1.47 billion of its 8% senior secured notes due in 2017 and up to $1.32 billion of its 11% senior secured bonds due 2018 showed valid tenders of 98.6% and 99.3%, respectively. The chemical company last month said its Lyondell Chemical Co. would offer to buy back up the debt as LyondellBasell strives to improve its credit rating. LyondellBasell, which has significant operations in the U.S., has seen business conditions and results improve across the vast majority of its business, notably in the olefins and polyolefins and propylene oxide businesses. The company emerged from Chapter 11 bankruptcy protection last year. Shares closed Wednesday at $33.21 and were inactive premarket. The stock is down 3.5% since the start of the year.

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