Equistar to Sell $250 Million of 10-5/8% Senior Notes Due 2011
November 18 2003 - 5:24PM
PR Newswire (US)
Equistar to Sell $250 Million of 10-5/8% Senior Notes Due 2011
HOUSTON, Nov. 18 /PRNewswire-FirstCall/ -- Equistar Chemicals, LP,
a joint venture of Lyondell Chemical Company and Millennium
Chemicals Inc. , today announced it will sell $250 million of
10-5/8% senior notes due 2011 in a private placement offering as
part of a financing plan announced earlier this week. The notes
will be priced at approximately 104.7% to yield 9-1/2%. The terms
of the senior notes will be the same as the terms of Equistar's
currently outstanding 10-5/8% senior notes. Equistar will use $173
million of the net proceeds to repay in full the term loans
outstanding under Equistar's credit facility and will use the
remaining net proceeds to repay borrowings under Equistar's
revolving credit facility. The offering is expected to close
November 21, 2003. The senior notes will be offered only to
qualified institutional buyers and other eligible purchasers in a
private placement offering. The notes will not be registered under
the Securities Act of 1933 and may not be offered or sold in the
United States absent registration or an applicable exemption from
registration. FORWARD-LOOKING STATEMENTS The statements in this
release relating to matters that are not historical facts are
forward-looking statements that are subject to risks and
uncertainties. Actual results could differ materially, based on
factors including, but not limited to: the cyclical nature of the
chemical industry; availability, cost and volatility of raw
materials and utilities; governmental regulatory actions and
political unrest; global economic conditions; industry production
capacity and operating rates; the supply/demand balance for
Equistar's products; competitive products and pricing pressures;
access to capital markets; technological developments and other
risk factors. For more detailed information about the factors that
could cause actual results to differ materially, please refer to
Equistar's Annual Report on Form 10-K for the year ended December
31, 2002, which was filed with the Securities and Exchange
Commission in March 2003, and Equistar's Quarterly Report on Form
10-Q for the quarter ended September 30, 2003, which was filed in
November 2003. DATASOURCE: Equistar Chemicals, LP CONTACT: media,
Susan Moore, +1-713-309-4645, or investors, Doug Pike,
+1-713-309-7141, both of Equistar Chemicals, LP
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