Moody's Investors Service (New York) has assigned a 'stable' outlook to LyondellBasell's debt, including $3.25 billion in new issuances. The new debt will be composed of $2.25 billion in first-priority seven- year notes, and a $1 billion term loan, Moody's says. Last week, LyondellBasell said that the new debt will include senior notes and a term loan, but a spokesman declined to confirm the exact propor- tions of the $3.25 billion total. The new debt is part of the company's post-bankruptcy financing plan. Moody's ratings include some of the company's older debt, bringing the total affected by the ratings action to $6.5 billion. "The stable outlook reflects Moody's expectation that management will continue to focus on improving its global cost posi- tion and increasing free cash flow," the agency says.
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