Lyondell calls $100 million of 9 7/8% series B notes

Pittsburgh, Aug. 23 - Lyondell Chemical Co. will redeem $100 million of its 9 7/8% senior secured notes series B due 2007 at a price of 104.938% of par, according to a company news release.

The redemption date is Sept. 22.

"This is the first step toward our goal of significant debt reduction at Lyondell," president and chief executive officer Dan F. Smith said in the release. "Improved business conditions and the fact that Equistar has resumed making distributions to its owners have allowed us to resume our debt reduction plan."

Equistar Chemicals LP is a joint venture between Lyondell and Millennium Chemicals Inc.

Lyondell is a Houston-based producer of propylene oxide derivatives.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.