Lyondell to Repay $100 Million of Outstanding Debt
August 23 2004 - 11:37AM
PR Newswire (US)
Lyondell to Repay $100 Million of Outstanding Debt HOUSTON, Aug. 23
/PRNewswire-FirstCall/ -- Lyondell Chemical Company (NYSE:LYO)
today called $100 million of its 9.875 percent Senior Secured
Notes, Series B, which mature in 2007. The call price is 104.938
percent of par, and the debt will be paid down on September 22,
2004 at the conclusion of the call period. "This is the first step
toward our goal of significant debt reduction at Lyondell," said
Dan F. Smith, Lyondell's President and CEO. "Improved business
conditions, and the fact that Equistar has resumed making
distributions to its owners, have allowed us to resume our debt
reduction plan. As we proceed, we will continue to act
conservatively, maintaining significant liquidity." Equistar
Chemicals, LP is a joint venture between Lyondell and Millennium
Chemicals Inc. (NYSE:MCH). ABOUT LYONDELL Lyondell Chemical
Company, (http://www.lyondell.com/ ), headquartered in Houston,
Texas, is a leading producer of: propylene oxide (PO); PO
derivatives, including propylene glycol (PG), butanediol (BDO) and
propylene glycol ether (PGE); toluene diisocyanate (TDI); and
styrene monomer and MTBE as co-products of PO production. Through
its 70.5% interest in Equistar Chemicals, LP, Lyondell also is one
of the largest producers of ethylene, propylene and polyethylene in
North America and a leading producer of ethylene oxide, ethylene
glycol, high value-added specialty polymers and polymeric powder.
Through its 58.75% interest in LYONDELL-CITGO Refining LP, Lyondell
is one of the largest refiners in the United States, principally
processing extra heavy Venezuelan crude oil to produce gasoline,
low sulfur diesel and jet fuel. 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 and refining industries; 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 Lyondell's and its joint ventures' 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 Lyondell's Annual
Report on Form 10-K for the year ended December 31, 2003, which was
filed in March 2004, and Lyondell's Quarterly Report on Form 10-Q
for the quarter ended June 30, 2004, which was filed August 6,
2004. DATASOURCE: Lyondell Chemical Company CONTACT: investors,
Doug Pike, +1-713-309-7141, or media, Susan Moore, +1-713-652-4645,
both of Lyondell Chemical Company Web site:
http://www.lyondell.com/
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