Millennium Announces Cash Tender Offer for Its 7.00% Senior Notes Due 2006
January 31 2006 - 7:08PM
PR Newswire (US)
HOUSTON, Jan. 31 /PRNewswire-FirstCall/ -- Millennium America Inc.
announced today that it has commenced a cash tender offer (the
"Offer") for any and all of its outstanding $158,293,000 aggregate
principal amount of 7.00% Senior Notes due 2006 (CUSIP No.
60036NAA9). The Offer is being made pursuant to an Offer to
Purchase, dated Jan. 31, 2006 (the "Offer to Purchase"), which more
fully sets forth the terms and conditions of the Offer. To receive
the total consideration, holders must validly tender and not
withdraw their notes by 5 p.m. EST on Monday, Feb. 13, 2006 (the
"Early Tender Date"). Holders who tender their notes after the
Early Tender Date will receive the total consideration minus the
early tender payment of $30 per $1,000 principal amount. The total
consideration per $1,000 principal amount of notes validly tendered
and not withdrawn at or prior to the Early Tender Date will consist
of an amount equal to the present value on the Initial Payment Date
(as defined below) of the repayment price of $1,000 plus the amount
of interest that would accrue from the Initial Payment Date to but
not including the maturity date of Nov. 15, 2006. The repayment
price and interest payments are discounted from their respective
scheduled payment dates. The discount rate for calculating the
present value is based on a fixed spread of 50 basis points over
the yield on the Price Determination Date (as defined below) of the
3 1/2% U.S. Treasury Note due Nov. 15, 2006. In addition, accrued
and unpaid interest up to, but not including, the applicable
payment date will be paid in cash on all validly tendered and
accepted notes. The offer will expire at midnight EST on Tuesday,
Feb. 28, 2006, unless extended or earlier terminated by Millennium.
Tendered notes may not be withdrawn after 5 p.m. EST on Monday,
Feb. 13, 2006, unless the Offer is extended by Millennium. The
total consideration will be calculated at 2:00 p.m. EST on Feb. 13,
2006 (the "Price Determination Date"), unless the Offer is
extended. Holders who validly tender their notes by the Early
Tender Date will receive payments on the initial payment date,
which is expected to be on Feb. 14, 2006 (the "Initial Payment
Date"). Holders who validly tender their notes after the Early
Tender Date will receive payments promptly after the expiration
date. The complete terms and conditions of the Offer are set forth
in the Offer to Purchase dated Jan. 31, 2006, which is being sent
to holders of notes. Holders are urged to read the tender offer
documents carefully. Banc of America Securities is the exclusive
dealer manager for the Offer. Questions regarding the Offer may be
directed to Banc of America Securities LLC, High Yield Special
Products, at 888-292-0070 (U.S. toll-free) and 704-388-4813
(collect). Copies of the Offer to Purchase and Letter of
Transmittal may be obtained from the Information Agent for the
Offer, D.F. King & Co., Inc., at 800-758-5378 (U.S. toll-free)
and 212-269-5550 (collect). This press release is neither an offer
to purchase, nor a solicitation for acceptance of an offer to
purchase securities. Millennium is making the Offer only by, and
pursuant to the terms of, the Offer to Purchase. Millennium America
Inc. is a wholly owned subsidiary of Millennium Chemicals Inc., a
major international producer of chemicals including titanium
dioxide (TiO2). Millennium Chemicals Inc. is a wholly owned
subsidiary of Lyondell Chemical Company (NYSE:LYO). DATASOURCE:
Millennium Chemicals Inc. CONTACT: Investors, Doug Pike,
+1-713-309-4590, or Media, Lisa Martin, +1-713-309-4890, both of
Lyondell Chemical Company Web site: http://www.lyondell.com/
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