Equistar Announces Financing Plan
17 Novembre 2003 - 11:00PM
PR Newswire (US)
Equistar Announces Financing Plan HOUSTON, Nov. 17
/PRNewswire-FirstCall/ -- Equistar Chemicals, LP, announced today
that, as part of a financing plan, it is commencing a private
placement offering of $200 million of senior notes due in 2011.
Equistar will use $173 million of the net proceeds to repay in full
the term loans outstanding under Equistar's credit facility and the
remaining net proceeds to repay borrowings outstanding under
Equistar's revolving credit facility. The offering is expected to
close later this month. In addition to the senior notes offering,
Equistar is in the process of implementing a new $450 million,
four-year accounts receivable sales facility and a new $250
million, four-year inventory-based revolving credit facility. The
new facilities will replace Equistar's existing $100 million
accounts receivable sales agreement and its existing $354 million
revolving credit facility. Equistar anticipates closing the new
facilities in December 2003, subject to completion of definitive
documentation and other customary conditions. The senior notes will
be offered only to qualified institutional buyers and other
eligible purchasers in a private placement offering. The notes will
not be registered under the Securities Act of 1933 and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration. Equistar Chemicals, LP,
headquartered in Houston, Texas, is a joint venture between
Lyondell Chemical Company (NYSE:LYO) and Millennium Chemicals Inc.
(NYSE:MCH). FORWARD-LOOKING STATEMENTS The statements in this
release relating to matters that are not historical facts are
forward-looking statements that are subject to risks and
uncertainties. Actual results could differ materially, based on
factors including, but not limited to: the cyclical nature of the
chemical industry; availability, cost and volatility of raw
materials and utilities; governmental regulatory actions and
political unrest; global economic conditions; industry production
capacity and operating rates; the supply/demand balance for
Equistar's products; competitive products and pricing pressures;
access to capital markets; technological developments and other
risk factors. For more detailed information about the factors that
could cause actual results to differ materially, please refer to
Equistar's Annual Report on Form 10-K for the year ended December
31, 2002, which was filed with the Securities and Exchange
Commission in March 2003, and Equistar's Quarterly Report on Form
10-Q for the quarter ended September 30, 2003, which was filed in
November 2003. DATASOURCE: Equistar Chemicals, LP CONTACT: media,
Susan Moore, +1-713-309-4645, or investors, Doug Pike,
+1-713-309-7141, both of Equistar Chemicals, LP
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