HOUSTON and NEW YORK, Dec. 1,
2015 /PRNewswire/ -- LyondellBasell Industries N.V.
(NYSE: LYB) ("LyondellBasell" or the "Company"), one of the world's
largest plastics, chemical and refining companies, announced today
its commencement of two concurrent consent solicitations respecting
amendments (the "Amendments") to the indentures (the "Indentures")
governing its outstanding 5.000% Senior Notes due 2019 (the "2019
Notes"), 6.000% Senior Notes due 2021 (the "2021 Notes") and 5.750%
Senior Notes due 2024 (the "2024 Notes" and together with the 2019
Notes and the 2021 Notes, the "Notes"). Currently,
$1,000,000,000 in aggregate principal
amount of each of the 2021 Notes and the 2024 Notes, and
$2,000,000,000 in aggregate principal
amount of the 2019 Notes, is outstanding.
Principally, the Amendments seek to eliminate restrictions on
debt of certain subsidiaries of the Company and requirements that
certain future subsidiaries guarantee the Notes. The Company
views these provisions as carryovers or remnants from the period
prior to its senior notes achieving investment grade ratings. If
adopted, the Amendments will align certain covenants in the
Indentures with those in the Company's most recent senior notes
indenture, resulting in more consistent covenants across the
Company's public debt portfolio and affording the Company greater
financial flexibility and easing administration of its public debt
portfolio.
Each consent solicitation will expire at 5:00 p.m., New York
City time, on Thursday, December 10,
2015, unless extended (the "Expiration Date"). The consent
solicitations are conditioned on the receipt of consents from
holders of record at 5:00 p.m.
New York City time on November 30, 2015 (the "Record Date") of (i) a
majority in aggregate principal amount of the outstanding 2021
Notes and (ii) a majority in aggregate principal amount of the
outstanding 2019 Notes and 2024 Notes, voting as a single class,
respectively (the "Requisite Consents").
The Company will, promptly after the Expiration Date of either
consent solicitation and the satisfaction or waiver of all
conditions to such consent solicitation, pay to each holder of
Notes who has delivered (and not revoked) a valid consent in favor
of the Amendments a cash payment (the "Consent Fee") of
$1.00 for each $1,000 principal amount of Notes in respect of
which such consent has been delivered.
The Amendments to each Indenture will be effected by, and will
become effective upon, execution of a supplemental indenture.
LyondellBasell proposes to execute each supplemental indenture as
soon as practicable after obtaining the related Requisite Consents.
At that time, the Amendments effected by such supplemental
indenture will become effective and consents may no longer be
revoked; however, such Amendments will not become operative until
the Consent Fee is paid to the holders who have delivered (and not
revoked) valid consents prior to the Expiration Date.
LyondellBasell is making each consent solicitation concurrently
with the other, and LyondellBasell may extend, abandon, terminate
or amend one consent solicitation without extending, abandoning,
terminating or amending the other consent solicitation. For a
complete statement of the terms and conditions of the consent
solicitations, holders of the Notes should refer to
LyondellBasell's Consent Solicitation Statement, dated December 1, 2015, which is being sent to all
holders of the Notes as of the Record Date.
The Lead Solicitation Agent in connection with the consent
solicitation is Deutsche Bank Securities Inc., and the
Co-Solicitation Agents are Citigroup Global Markets Inc., Credit
Suisse Securities (USA) LLC and
Wells Fargo Securities, LLC. Questions regarding the consent
solicitation may be directed to Deutsche Bank Securities Inc.,
Attention: Liability Management Group at (866) 627-0391 (toll free)
or (212) 250-2955 (collect). Global Bondholder Services Corporation
is serving as Information Agent and Tabulation Agent in connection
with the consent solicitations. Requests for assistance in
delivering consents or for additional copies of the consent
solicitation statement should be directed to the Information Agent
at (866) 470-4500 (toll free) or (212) 430-3774 (banks and brokers)
(collect).
This announcement is not an offer to purchase, a solicitation of
an offer to purchase, or a solicitation of consents with respect to
any securities. The consent solicitations are being made solely by
LyondellBasell's Consent Solicitation Statement and are subject to
the terms and conditions stated therein.
About LyondellBasell
LyondellBasell (NYSE: LYB)
is one of the world's largest plastics, chemical and refining
companies and a member of the S&P 500. LyondellBasell
(www.lyb.com) manufactures products at 56 sites in 19 countries.
LyondellBasell products and technologies are used to make items
that improve the quality of life for people around the world
including packaging, electronics, automotive parts, home
furnishings, construction materials and biofuels.
Forward-Looking Statements
The statements in
this release relating to matters that are not historical facts are
forward-looking statements. These forward-looking statements are
based upon assumptions of management which are believed to be
reasonable at the time made and are subject to significant risks
and uncertainties. Actual results could differ materially based on
factors including, but not limited to, our ability to complete the
consent solicitation within the time frame provided, or at all, and
the consent solicitation is subject to certain conditions contained
in the Consent Solicitation Statement. The Company
assumes no obligation to publicly update or revise any
forward-looking statements made herein or any other forward-looking
statements made by the Company, whether as a result of new
information, future events, or otherwise.
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SOURCE LyondellBasell Industries