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LyondellBasell prices $1B senior note offering

Fri, 11/04/2011 - 1:13pm
The Associated Press

Oil refiner and chemical company LyondellBasell Industries NV said Friday it priced a $1 billion offering of senior notes at an issue price of 100 percent.

The Dutch company said the senior notes will be due in 2021. It will use the proceeds from the senior note offering and available cash to pay a special dividend worth up to $2.6 billion.

The notes will be issued in a private placement to qualified institutional buyers. The company expects the offering to close Nov. 14.

Shares of LyondellBasell Industries rose 55 cents to close at $35.01.

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