LyondellBasell announced 11 March that its wholly owned subsidiary, Lyondell Chemical Company, plans to raise $3,250 million of first priority debt, including an offering of senior secured notes in a private placement and borrowings under a senior term loan facility.
The net proceeds from the sale of the Notes, together with borrowings under the Term Loan and a new European securitization facility and proceeds from a $2,800 million rights offering, would be used 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.
LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies. LyondellBasell is the global leader in polyolefins technology, production and marketing; a pioneer in propylene oxide and derivatives; and a significant producer of fuels and refined products, including biofuels.
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