Millennium America gets tenders for 93.9% of 7% notes

By Jennifer Chiou

New York, March 1 - Millennium America Inc. announced it obtained tenders from holders of $148.558 million or 93.9% of its $158.293 million principal amount of 7% senior notes due Nov. 15, 2006.

The offer ended at midnight ET on Feb. 28.

The company previously announced that as of 5 p.m. ET on Feb. 13 it had received tenders from holders of $139.1 million or 88% of the notes.

Millennium America will pay $1,012.56 per $1,000 principal amount of notes tendered by the early tender date at 5 p.m. ET on Feb. 13. That figure includes a $30.00 per $1,000 early tender payment.

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 was set at 2 p.m. ET on Feb. 13.

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

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).

The company added that following the tender $9.735 million of the 7% notes remain outstanding.

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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