said Tuesday that it plans to raise $1.775 billion through a public offering of senior unsecured notes on or about Sept. 7 as part of a financing plan.
The Houston-based company will also begin a cash tender offer on Tuesday for about $849 million of 9.625% senior secured notes due May 1, 2007. The offer will expire on Oct. 2.
The company said that the tender offer will be funded with a portion of the proceeds from the new note offering.
The remainder of the proceeds from the note offering will be used to repay a portion of the new 7-year term loan used to finance Lyondell's Aug. 16 acquisition of Citgo Petroleum's 41.25% stake in Lyondell-Citgo Refining LP, the company added.
Additionaly, the company said that it intends to commence the syndication of its new $800 million 5-year revolver and $1.775 billion of its new 7-year term loan on Sept. 7.
This story was created through a joint venture between TheStreet.com and IRIS.