Millennium Chemicals (NYSE:MCH)
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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