Lyondell Chemical Announces Acceptance of Early Tenders for its 8% Senior Secured
Notes Due 2017 and 11% Senior Secured Notes Due 2018
ROTTERDAM, Netherlands, Nov. 7, 2011 /PRNewswire via COMTEX/ -- LyondellBasell
Industries N.V. (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of each such series that had been tendered and not withdrawn as of the Early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.
SecuritiesPrincipal Amount Outstanding Held by Non-Affiliates(1) Aggregate Principal Amount Tendered and Not Withdrawn Aggregate Principal Amount Accepted for Purchase(2) Approximate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$1,203,615,00066.9831%
8% Euro Notes due 2017euro 303,750,000euro 299,823,930euro 199,827,00066.6481%
11% Notes due 2018$2,637,342,089$2,618,963,978$1,318,672,00050.3509%
------------------------ ------------------------------------------------------ ----------------------------------------------------- --------------------------------------------------- -----------
(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).
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO
PURCHASE, A SOLICITATION OF AN OFFER TO PURCHASE OR A SOLICITATION OF CONSENT
WITH RESPECT TO ANY SECURITIES. THE TENDER OFFER AND THE CONSENT SOLICITATION ARE
BEING MADE SOLELY PURSUANT TO THE STATEMENT AND RELATED LETTER OF TRANSMITTAL AND
CONSENT, WHICH SET FORTH THE COMPLETE TERMS OF THE TENDER OFFER AND CONSENT
SOLICITATION WHICH HOLDERS OF THE SECURITIES SHOULD CAREFULLY READ PRIOR TO
MAKING ANY DECISION.
THE TENDER OFFER AND THE CONSENT SOLICITATION ARE NOT BEING MADE TO HOLDERS OF
NOTES IN ANY JURISDICTION IN WHICH THE MAKING OF OR ACCEPTANCE OF THE TENDER
OFFER OR THE CONSENT SOLICITATION WOULD NOT BE IN COMPLIANCE WITH THE LAWS OF
SUCH JURISDICTION. THE COMPANY EXPRESSLY RESERVES THE RIGHT, SUBJECT TO
APPLICABLE LAW, TO TERMINATE THE TENDER OFFER AND THE CONSENT SOLICITATION. THIS
PRESS RELEASE DOES NOT CONSTITUTE A NOTICE OF REDEMPTION OR AN OBLIGATION TO
ISSUE A NOTICE OF REDEMPTION IN RESPECT OF ANY OF THE NOTES.
LyondellBasell (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
lyondellbasell.com.
This press release contains forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
information of a non-historical nature or which relate to future events and are
subject to risks and uncertainties. In many cases, you can identify
forward-looking statements by terminology such as "may," "will," "should,"
"expects," "plans," "anticipates," "believes," "estimates," "predicts,"
"potential," or "continue," or the negative of these terms and other comparable
terminology. These statements are only predictions. Actual results could differ
materially from those anticipated in these forward-looking statements as a result
of a number of factors. The forward-looking statements made in this press release
relate only to events as of the date of this release. We undertake no ongoing
obligation to update these statements.
Media Contact:David A. Harpole +1 713-309-4125
Investor Contact: Douglas J. Pike +1 713-309-7141
SOURCE LyondellBasell Industries |
