HOUSTON and NEW YORK, Dec. 11,
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
that it has received the Requisite Consents (as defined below) from
holders of 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") to the adoption of
amendments (the "Amendments") to the two indentures (the
"Indentures") governing the Notes that the Company had requested
pursuant to its previously announced consent solicitations.
Adoption of the Amendments required the receipt of consents from
holders of record at 5:00 p.m.
New York City time on November 30, 2015 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"). 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.
Each consent solicitation expired at 5:00
p.m., New York City time,
on Thursday, December 10, 2015 (the
"Expiration Date"). The Company will pay to each holder of Notes
who delivered (and did not revoke) a valid consent in favor of the
Amendments prior to the Expiration Date 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.
Following receipt of the Requisite Consents, the Company and the
trustee under each Indenture executed a supplemental indenture
incorporating the Amendments to that Indenture. At that time, the
Amendments effected by such supplemental indenture became
effective, and consents could no longer be revoked; however, such
Amendments will not become operative until the Consent Fee is paid
to the eligible holders, which the Company expects to do as soon as
Monday, December 14, 2015.
Principally, the Amendments 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. The
Amendments 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.
Deutsche Bank Securities Inc. acted as the Lead Solicitation
Agent in connection with the consent solicitations, and Citigroup
Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC acted
as Co-Solicitation Agents. Global Bondholder Services Corporation
served as Information Agent and Tabulation Agent.
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 fulfill the
conditions contained in the Consent Solicitation Statement,
including payment of the Consent Fee. Additional factors that
could cause results to differ materially from those described in
the forward-looking statements can be found in the "Risk Factors"
section of our Form 10-K for the year ended December 31, 2014, which can be found at
www.lyb.com on the Investor Relations page and on the Securities
and Exchange Commission's website at www.sec.gov. 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