Lyondell Chemical (LYO) said Wednesday that it has completed its offering of $1.775 billion in senior unsecured notes.
The offering consists of $875 million of 8% senior unsecured notes due Sept. 15, 2014, and $900 million of 8.25% senior unsecured notes due Sept. 15, 2016.
The Houston-based company will use $875 million of the approximately $1.744 billion in proceeds to repay a portion of a seven-year loan for its Aug. 16 acquisition of Citgo Petroleum's 41.25% stake in Lyondell-Citgo Refining.
Lyondell will also use some of the proceeds to purchase about $760 million of its 9.625% Series A senior secured notes due 2007. The company said it may use the rest of the proceeds to redeem any remaining notes.
The company's stock closed up 23 cents, to $25.35, in trading Wednesday.
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