LyondellBasell (LYB) Prices 16.5M Common Secondary Offering

LyondellBasell (NYSE: LYB) today announced the pricing of an underwritten public offering of 16.5 million ordinary shares by certain selling shareholders that are affiliates of Apollo Management Holdings L.P. at a price to the public of $68 per share. The net proceeds to Apollo, after deducting discounts and commissions, will be approximately $1.1 billion. The offering is expected to close Aug. 6, 2013, subject to the satisfaction of customary closing conditions.

The selling shareholders have agreed to a lock-up (subject to certain exceptions) for a period of 30 days after the date of the prospectus supplement for the offering. LyondellBasell will not receive any proceeds from the offering. The total number of LyondellBasell ordinary shares outstanding will not change as a result of the offering.

Barclays Capital Inc. acted as the sole underwriter for the offering.

Separately, the selling shareholders have advised the Company that they have agreed to sell 8.5 million ordinary shares in a private transaction.

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