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LyondellBasell (Baa2/BBB/BBB): Strategic Asset Review

BASIC INDUSTRIES

We don’t see potential for forced bond redemption on divestment; we wouldn’t assume proceeds would be used for deleveraging either. Valuations unclear at this point with European O&P profitability lagging and no breakdown for I&D


  • LYB announced a review of European O&P and I&D assets.
  • We assessed € bond docs for restrictions on asset sales.
  • Assets representing 40% of consolidated 12-month EBITDA or 40% of total assets can be disposed.
  • 70% of long-lived assets were in the US at FY23.
  • European O&P EBITDA has been minimal for the past 2 years. Global I&D EBITDA is expected at 33% of total this year. We don’t have the exact breakdown, but Europe is likely to account for significantly less.
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