01—Abstract
Summary
Summary of the 8-K filed May 30, 2025. Cited figures are marked; the original filing is the authoritative source.
LyondellBasell Industries N.V.
(LYB) filed this Current Report on Form 8-K to disclose an amendment to its $900 milliona structured accounts receivable facility, the Receivables Facility, which was originated in September 2012. On May 29, 2025, certain subsidiaries entered into a Seventh Amendment to Receivables Purchase Agreement with Mizuho Bank, Ltd. as Administrator and LC Bank, along with other conduit purchasers, committed purchasers, and purchaser agents. LYB Receivables LLC, a bankruptcy-remote special purpose entity wholly owned by the Company, acts as seller, and Lyondell Chemical Company acts as servicer.
The amendment extends the term of the Receivables Facility to June 26, 2026 and makes certain updates to align it with the Company's senior unsecured revolving credit facility. The filing states that no other terms have changed materially. As of May 29, 2025, there were no trade receivable purchases or letters of credit outstanding under the facility.
The filing is largely administrative in nature. It reports a term extension and conforming changes to an existing working-capital financing arrangement, with no drawn balances at the reporting date. The full amendment is filed as Exhibit 10.1, which is incorporated by reference.
02—Key points
Key Highlights
- Seventh Amendment to the $900 million Receivables Facility entered into on May 29, 2025
- Facility term extended to June 26, 2026
- Updates made to be consistent with the Company's senior unsecured revolving credit facility
- No other terms of the Receivables Facility stated to have changed materially
- As of May 29, 2025, no trade receivable purchases or letters of credit outstanding under the facility
- Mizuho Bank, Ltd. serves as Administrator and LC Bank under the amended agreement
- Amendment filed as Exhibit 10.1 and incorporated by reference under Items 1.01 and 2.03
03—Questions
Frequently Asked Questions
What is the Receivables Facility and what changed?
The Receivables Facility is a structured accounts receivable financing originated in September 2012 with a $900 million size. The Seventh Amendment extends its term to June 26, 2026 and makes updates consistent with the Company's senior unsecured revolving credit facility.
Did the amendment change the facility's size or other material terms?
The filing states that no other terms of the Receivables Facility have changed materially. The $900 million facility amount is described as the existing facility size.
Was the facility being used at the time of the amendment?
As of May 29, 2025, there were no trade receivable purchases or letters of credit outstanding under the Receivables Facility.
Who are the parties to the amended agreement?
Lyondell Chemical Company serves as servicer, LYB Receivables LLC, a bankruptcy-remote wholly owned subsidiary of the Company, serves as seller, and Mizuho Bank, Ltd. serves as Administrator and LC Bank. Conduit purchasers, committed purchasers, LC participants, and purchaser agents are also parties.
Where can the full terms of the amendment be found?
The complete Seventh Amendment to Receivables Purchase Agreement, dated as of May 29, 2025, is filed as Exhibit 10.1 to this Form 8-K and is incorporated by reference.
04—Continue