Equistar Chemicals Successfully Completes Financing Plan
18 Dicembre 2003 - 12:02AM
PR Newswire (US)
Equistar Chemicals Successfully Completes Financing Plan HOUSTON,
Dec. 17 /PRNewswire-FirstCall/ -- Equistar Chemicals, LP announced
today the completion of a new $450 million, four-year, accounts
receivable sales facility and a new $250 million, four-year,
inventory-based revolving credit facility. These facilities replace
Equistar's previous $100 million accounts receivable sales
agreement as well as a $354 million revolving credit facility.
Equistar believes that the new facilities will have the advantages
of providing more liquidity, more financial flexibility and
lower-cost funding than the previous credit facility. Had these
facilities been in place as of September 30, 2003, the aggregate
amount of funds available under these facilities would have been
approximately $540 million versus the $454 million provided under
the previous agreements. The average interest rates on these new
facilities are modestly less than those of the previous revolving
credit facility. With the completion of these actions, Equistar is
no longer subject to the quarterly financial ratio covenant tests
required under the previous credit facility. However, after March
30, 2005 there will be one ratio test which, if not met, would
reduce availability under the new facilities by $25 million versus
the availability prior to that date. Additionally, the remaining
covenants under the new facilities are generally no more
restrictive than those contained in Equistar's previous credit
facility, and there are no ratings triggers in either of the new
facilities. Equistar Chemicals, LP, headquartered in Houston,
Texas, is a joint venture between Lyondell Chemical Company
(NYSE:LYO) and Millennium Chemicals Inc. (NYSE:MCH) and combines
their olefins, polymers and oxygenated chemicals businesses.
Equistar is one of the world's largest producers of ethylene,
propylene and polyethylene and a leading producer of ethylene
oxide, ethylene glycol, specialty polymers, wire and cable resins,
and polyolefin powders. Equistar was formed in December 1997 and
has 16 manufacturing sites located primarily along the U.S. Gulf
Coast and in the Midwest. DATASOURCE: Equistar Chemicals, LP
CONTACT: investor relations, Doug Pike, +1-713-309-7141, or media,
Susan Moore, +1-713-652-4645, both of Equistar Chemicals, LP
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