01—Abstract
Summary
Summary of the 8-K filed May 30, 2024. Cited figures are marked; the original filing is the authoritative source.
LyondellBasell Industries N.V.
(LYB) filed this Form 8-K to report that certain of its subsidiaries entered into a Sixth Amendment to Receivables Purchase Agreement on May 29, 2024, amending its $900 milliona structured accounts receivable receivables facility, which was originated in September 2012. The amendment extends the term of the Receivables Facility to June 27, 2025 and makes certain updates to the erroneous payments provisions. The filing states that no other terms of the facility changed materially.
The Receivables Facility involves LYB Receivables LLC, a bankruptcy-remote special purpose entity that is a wholly-owned subsidiary of the company, acting as seller, with Lyondell Chemical Company acting as servicer and Mizuho Bank, Ltd. serving as Administrator and LC Bank. As of May 29, 2024, there were no trade receivable purchases or letters of credit outstanding under the facility. The filing is largely administrative in nature.
It is disclosed under Items 1.01 and 2.03 because it constitutes a material definitive agreement and a direct financial obligation arrangement, and the full amendment is filed as Exhibit 10.1. The filing also includes the cover page in Inline XBRL as Exhibit 104.
02—Key points
Key Highlights
- Amendment to the $900 million structured accounts receivable Receivables Facility, originated in September 2012, executed May 29, 2024 via the Sixth Amendment to Receivables Purchase Agreement
- Receivables Facility term extended to June 27, 2025
- Updates made to the erroneous payments provisions of the facility
- No other material changes to the facility's terms, according to the filing
- As of May 29, 2024, no trade receivable purchases or letters of credit were outstanding under the facility
- Seller is LYB Receivables LLC, a bankruptcy-remote, wholly-owned subsidiary; Mizuho Bank, Ltd. serves as Administrator and LC Bank
- Full amendment filed as Exhibit 10.1; filing disclosed under Items 1.01, 2.03 and 9.01
03—Questions
Frequently Asked Questions
What did LyondellBasell agree to in this filing?
Certain subsidiaries entered into the Sixth Amendment to Receivables Purchase Agreement on May 29, 2024, amending the company's $900 million structured accounts receivable facility. The amendment extends the facility's term to June 27, 2025 and updates the erroneous payments provisions.
How large is the Receivables Facility?
The Receivables Facility is described in the filing as a $900 million structured accounts receivable facility originated in September 2012.
Were any amounts drawn under the facility as of the amendment date?
As of May 29, 2024, there were no trade receivable purchases or letters of credit outstanding under the Receivables Facility.
Who are the parties to the facility?
Lyondell Chemical Company acts as servicer, LYB Receivables LLC, a bankruptcy-remote special purpose entity and wholly-owned subsidiary of the company, acts as seller, and Mizuho Bank, Ltd. serves as Administrator and LC Bank, along with conduit purchasers, committed purchasers, LC participants and purchaser agents.
Why is this filing significant for investors?
The filing indicates the company has extended a receivables financing arrangement to June 27, 2025 and that no other material terms changed. The filing itself describes the amendment as making updates to erroneous payments provisions, and does not describe any financial impact.
04—Continue