LyondellBasell plans $3.25 billion new issuance

LyondellBasell has announced it plans to issue $3.25 billion of new first-priority secured bonds and bank loans to refinance existing debt (including its DIP loan and European securitisation facility), as well as complete a $2.8 billion equity rights offering. Evolution Securities notes investor interest around the name following the news.

Bankruptcy court judges have approved settlement among unsecured lenders and senior lenders, which should allow the company’s planned exit from Chapter 11 protection by the end of April.