LyondellBasell Industries N.V.’s LYB fully-owned subsidiary, LYB International Finance II B.V., has declared the pricing of a public offering of €750 million aggregate principal amount of 1.875% notes due 2022.
LyondellBasell plans to deploy the net proceeds from this offering for general corporate purposes, including repurchases of the company’s ordinary shares. The offering, based on customary closing conditions, is anticipated to close on Mar 2, 2016.
The active joint book-running managers for this offering are Barclays Bank PLC, Deutsche Bank AG, London Branch, ING Bank N.V. and Morgan Stanley & Co. International plc. The company had previously filed an automatic shelf registration statement related to the notes with the Securities and Exchange Commission.
LyondellBasell’s consolidated profit inched up 0.5% year over year to $795 million or $1.78 per share in fourth-quarter 2015. The company also logged revenues of $7,071 million in the quarter, down roughly 31% year over year. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) fell around 0.9% year over year to $1,394 million in the quarter.
LyondellBasell strives to manage costs and improve operating efficiencies amid the challenging market conditions. The company stated that during 2016 it intends to complete an 800 million pound ethylene expansion project as well as engineer its 1 billion pound propylene oxide plant and finalize its polyethylene expansion plans.
LyondellBasell currently carries a Zacks Rank #4 (Sell).
Better-ranked companies in the basic materials sector include Asahi Kasei Corporation AHKSY, Koninklijke DSM N.V. RDSMY and Daqo New Energy Corp. DQ, all sporting a Zacks Rank #1 (Strong Buy).
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