LyondellBasell to Refinance $3 Billion in Debt; S&P Raises Rating to Investment Grade

LyondellBasell is issuing $3 billion in new senior debt that will be used to buy back three classes of outstanding notes due in 2017 and 2018. The currently outstanding notes have interest rates of 8% and 11%. The new debt will be issued in a private placement to institutional investors. It will consist of two classes, one $2 billion class due in 2019 with a 5% interest rate, and one $1 billion class due in 2024 with a 5.75% interest rate. On the heels of the announcement, ratings agency Standard & Poor's (S&P; New York) has raised LyondellBasell's credit...

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