Lyondell (NYSE:LYO)
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Lyondell to Repay a Second $100 Million of Outstanding Debt
HOUSTON, Sept. 20 /PRNewswire-FirstCall/ -- Lyondell Chemical Company
(NYSE:LYO) today called an additional $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 October 20, 2004 at the
conclusion of the call period. Lyondell has now called a total of $200 million
of its debt since resuming its debt reduction plan in August 2004.
ABOUT LYONDELL
Lyondell Chemical Company, (http://www.lyondell.com/ ), headquartered in
Houston, Texas, is a leading producer of: propylene oxide (PO); PO
derivatives, propylene glycol (PG), butanediol (BDO) and propylene glycol ether
(PGE); 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 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/