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Basell to hold senior managing agent meeting for $14 billion credit facility on Wednesday
By Sara Rosenberg
New York, Oct. 25 - Basell is scheduled to hold a senior managing agent bank meeting in New York on Wednesday for its proposed $14 billion senior secured credit facility, according to a market source.
There was already a senior managing agent meeting for the deal London on Oct. 24.
Citigroup, Goldman Sachs, Merrill Lynch and ABN Amro are the joint lead arrangers, bookrunners and global coordinators on the credit facility.
The credit facility consists of a $13 billion seven-year euro and U.S. term loan and a $1 billion six-year euro and U.S. revolver.
The term loan can be increased by up to $750 million, equal to the amounts outstanding under securitization or asset-backed facilities of Lyondell and its subsidiaries.
Proceeds will be used to help fund the acquisition of Lyondell Chemical Co. for $48.00 per common share in an all-cash transaction with a total enterprise value of about $19 billion, including the assumption of debt.
Other financing will come from $7 billion or the euro equivalent of senior secured second-lien notes and/or senior unsecured notes in a Rule 144A or other private placement, according to filings with the Securities and Exchange Commission.
Basell is a Netherlands-based producer of polypropylene and polyethylene. Lyondell is a Houston-based chemical company.
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