Millennium receives tenders for $281.4 million 7% notes due 2006

By Jennifer Chiou

New York, Sept. 27 - Millennium America Inc. said it accepted tenders from holders of $281.4 million of its $350 million of 7% senior notes due 2006.

The offer expired at midnight ET on Sept. 26.

For each $1,000 principal amount of notes, the wholly owned subsidiary of Millennium Chemicals, Inc. will pay $1,026.22, including the early tender payment.

Those who tendered their holdings by the early tender deadline at 5 p.m. ET on Sept. 12 will receive the $30.00 per $1,000 principal amount early tender payment.

The company determined the amount based on the redemption price on the notes to Nov. 25, 2006, discounted using a yield to Nov. 15, 2006 of the 3½% Treasury plus 75 basis points. At 2 p.m. on Sept. 13, the company determined a 3.842% reference yield and 4.592% offer yield.

The company, which launched the offer on Aug. 29, will also pay accrued interest up to but excluding the settlement date.

Banc of America Securities is dealer manager (888 292-0070 or call collect 704 388-4813). D.F. King & Co., Inc. is the information agent (800 758-5378 or call collect 212 269-5550).

Millennium Chemicals produces chemicals, including titanium dioxide and is a wholly owned subsidiary of Lyondell Chemical Co., which is a Houston-based manufacturer and marketer of performance chemicals.

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