Millennium Chemicals to delist 4% convertibles from NYSE

By Angela McDaniels

Seattle, April 13 - Millennium Chemicals Inc. has filed an application to voluntarily delist its 4% senior convertible debentures due 2023 from the New York Stock Exchange and to deregister these securities with the Securities and Exchange Commission, according to a company news release.

Millennium said it expects the delisting to take effect in May and does not intend to list or register the convertibles on any other exchange or quotation system.

The company it is no longer required to maintain an effective shelf registration statement for the convertibles or to maintain the listing of on the NYSE, according to the release, and the convertibles have fewer than 15 record holders and extremely low trading volume.

Accordingly, Millennium said it believes that the benefits of listing and registration are outweighed by the administrative burdens and costs.

Millennium Chemicals is a Hunt Valley, Md., chemical company and a subsidiary of Lyondell Chemical Co. The convertibles are guaranteed by Millennium's Houston-based subsidiary, Millennium America Inc.

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