Basell falls for Nell

24 June 2005 09:41:08

The endgame for Basell begins... This was emailed at 9pm last night.

Companies incorporated as Sarl in Luxembourg have limited reporting requirements. They need only one director, that can be a company or a person but who need not live in Luxemborg. Accounts must be filed, but they need not be audited. But they must have a deed of incorporation.

Nell Acquisition S.a.r.l. Basell
Press ReleaseLuxembourg / Hoofddorp, The Netherlands - June 23, 2005

1. Anticipated New Capital Structure for Acquisition of Basell
Nell Acquisition S.a.r.l. (“Nell”) anticipates closing the transaction to acquire Basell toward the end of July 2005, provided all necessary regulatory approvals are obtained by then. Upon completion:

· Nell intends to finance the acquisition through a combination of approximately 80% debt and 20% equity.

· Nell plans substantial refinancing of all of Basell’s existing indebtedness except for certain limited bilateral arrangements in specified countries and Basell’s 8.1% notes due 2027.
·
Nell is reviewing its options and is considering prefunding, redeeming, defeasing or tendering for the Basell’s 7.6% notes due in 2007.

2. Basell Announces Q1 EBITDA for 2005 and 12 Months EBITDA to 31st March
Basell has advised Nell that unaudited Q1 2005 EBITDA are approximately €230 million and that for the prior 12 months, ending 31 March 2005, EBITDA are approximately €690 million. Unaudited numbers are on a US GAAP basis.

Notes
Basell is the world’s largest producer of polypropylene and advanced polyolefin products, a leading supplier of polyethylene and catalysts, and a global leader in the development and licensing of polypropylene and polyethylene processes. Basell, together with its joint ventures, has manufacturing facilities around the world and sells products in more than 120 countries.