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LyondellBasell (Baa2/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 are 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 earlier.

• We assessed € bond docs for restrictions on asset sales.

• Assets representing 40% of consolidated 12-month EBITDA or 40% of total assets can be freely 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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