Press release from PR Newswire
LyondellBasell to Exercise Bond Option; Repay Loan
Wednesday, November 17, 2010
ROTTERDAM, Netherlands, Nov. 17, 2010 /PRNewswire/ -- LyondellBasell (NYSE: LYB) Chief Financial Officer Kent Potter, speaking today at the Bank of America Merrill Lynch Credit Conference in New York, announced that the company has given notice to redeem $225 million of 8 percent senior secured dollar notes and 37.5 million euro of 8 percent senior secured euro notes maturing in 2017, pursuant to the terms of the indenture. Each action represents repayment of 10 percent of the outstanding bonds.
Additionally, Potter said that the company intends to pay down its $500 million senior term loan facility. He said that repayment on both the bonds and the term loan is expected to occur before year end 2010.
LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical and refining companies. The company manufactures products at 59 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive components, home furnishings, construction materials and biofuels. More information about LyondellBasell can be found at www.lyondellbasell.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results can and will be affected by a variety of risks and other matters, many of which are beyond the company's control. Factors that could cause actual results to differ materially from those described in the forward-looking statements include economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, LyondellBasell undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
David A. Harpole +1 713-309-4125
Douglas J. Pike +1 713 309 7141
SOURCE LyondellBasell Industries
For further information: Media, David A. Harpole, +1-713-309-4125, or Investors, Douglas J. Pike, +1-713-309-7141, both of LyondellBasell