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LyondellBasell to Buy Back Debt, Pay Special Dividend

9:22 AM MDT | October 21, 2011 | Vincent Valk

Sitting on a $6 billion cash pile, LyondellBasell has launched a tender offer to buy back about $2.8 billion in debt due 2017 and 2018, and pay a special dividend to shareholders of up to $2.6 billion. The debt, denominated mostly in dollars with a small proportion in euro, of 8% and 11%, respectively. The $2.8 billion tender offer covers about 57% of the 2017 and 2018 debt covered by the offer.   The company is also seeking amendments to the terms of the debt that would release collateral securing it and modify other provisions. Debt holders who choose to...

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