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LyondellBasell Secondary Share Issue Floated

By Eric Volkman - Nov 1, 2013 at 8:46PM

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The selling stockholders aim to net $1.1 billion from the sale.

A chunk of LyondellBasell ( LYB 1.77% ) shares are hitting the market. Major shareholders are teaming up to sell 15 million of the company's shares in an underwritten public offering priced at $74.10 per share. Those investors have been identified by the company as affiliates of Apollo Global Management ( APO ) subsidiary Apollo Management Holdings.

In the press release announcing the news, LyondellBasell stressed that it will receive no part of the issue's estimated net proceeds of $1.1 billion, as it is not a selling party.

Barclays unit Barclays Capital is the underwriter of the offering, which is expected to close on Wednesday.

At the moment, LyondellBasell has a little more than 567 million shares outstanding, and its stock most recently closed at $79.93 per share.

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Stocks Mentioned

LyondellBasell Industries N.V. Stock Quote
LyondellBasell Industries N.V.
LYB
$88.92 (1.77%) $1.55
Apollo Global Management, LLC Stock Quote
Apollo Global Management, LLC
APO

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