Lyondell To Raise $3.25B To Finance Bankruptcy Exit

By Brendan Pierson

Law360, New York (March 12, 2010, 3:51 PM ET) -- Dutch chemical company LyondellBasell Industries NV has announced that subsidiary Lyondell Chemical Co. will raise $3.25 billion through a first priority debt offering in order to finance its exit from bankruptcy.

The debt will include senior secured notes, a private placement and borrowing under a senior term loan facility, the company said Thursday. The notes and term loan will be guaranteed by LyondellBasell.

The notes will be sold only to “qualified institutional buyers,” the company said. They will not be registered under U.S. securities laws and...
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