Millennium America gets tenders for 88% of 7% notes, set pricing

New York, Feb. 13 - Millennium America Inc. said holders have so far tendered $139.1 million or 88% of its $158.293 million principal amount of 7% senior notes due Nov. 15, 2006.

The response is as of 5 p.m. ET on Feb. 13.

The company also announced pricing for the tender, saying it will pay $1,012.56 per $1,000 principal amount of notes tendered by the early tender date. That figure includes a $30.00 per $1,000 early tender payment.

Tendered notes may no longer be withdrawn.

As announced on Jan. 31, pricing was set as the present value on the initial payment date of the redemption price at maturity plus accrued interest from the initial payment date up to but excluding the maturity date. The discount rate will be 50 basis points over the yield on the 3½% U.S. Treasury note due Nov. 15, 2006. Pricing will be set at 2 p.m. ET on Feb. 13.

The total includes an early tender payment of $30.00 per $1,000 principal amount that will only be paid to those who tendered by 5 p.m. ET on Feb. 13.

Millennium will also pay accrued interest up to but excluding the payment date.

The offer ends at midnight ET on Feb. 28.

Banc of America Securities is dealer manager (contact High Yield Special Products at 888 292-0070 or call collect 704 388-4813). The information agent is D.F. King & Co., Inc. (800 758-5378 or call collect 212 269-5550).

Millennium America is a Houston-based subsidiary of Millennium Chemicals Inc., a producer of chemicals including titanium dioxide and a subsidiary of Lyondell Chemical Co.

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