NOVA Chemicals announces early tender results of cash tender offer

NOVA Chemicals announces early tender results of cash tender offer

MRC -- Nova Chemicals Corporation is planning to refinance up to USD400 million in senior bonds due in 2024 with a USD400 million private bond offering due in 2028, said the company.

The new bonds carry an interest rate of 8.50% per year, compared with an interest rate of 4.875% per year for the notes that are being retired.

The bonds due in 2024 are the subject of a tender offer, which has been oversubscribed, with an aggregate principal amount of about USD754.5 million validly tendered as of Nov. 22. Nova expects that it will accept USD400 million of these bonds for purchase on a prorated basis.

The new bonds are structured with a redemption feature which allows Nova to redeem up to 10% of the bonds per year at a value of 103% of the bond’s face value. This provision applies during the customary two-year non-call period, when Nova cannot call the bonds in for redemption.

We remind, Amcor, a global leader in developing and producing responsible packaging solutions, today announced a Memorandum of Understanding (MOU) with leading sustainable polyethylene producer NOVA Chemicals Corporation for the purchase of mechanically recycled polyethylene resin (rPE) for use in flexible packaging films. Increasing the use of rPE in flexible packaging applications is an important element of Amcor’s commitment to support packaging circularity.

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Fire hits production site in Tarragona, Spain

Fire hits production site in Tarragona, Spain

MRC -- Repsol's cracker at Tarragona is offline following a fire in the Olefins plant, according to Plasteurope.

The company is currently investigating the cause, sources said. Repsol has declared force majeure on production from its propylene oxide/styrene monomer (POSM) unit in Tarragona, Spain, after a fire earlier this week forced the company to idle feedstock production at the site, according to market sources. A restart date for the units was not immediately clear.

We remind, Repsol posted net income of EUR 2.785 bn in Jan-Sep 2023 in a context of significantly lower crude oil and gas prices than in Jan-Sep 2022. Investments through Sep 2023 totalled EUR 4.362 bn (+82%), mainly in Spain and the US.

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Repsol posts net income of EUR2.785 bn and advances its transformation

Repsol posts net income of EUR2.785 bn and advances its transformation

MRC -- Repsol posted net income of EUR 2.785 bn in Jan-Sep 2023 in a context of significantly lower crude oil and gas prices than in Jan-Sep 2022, said the company.

Investments through Sep 2023 totalled EUR 4.362 bn (+82%), mainly in Spain and the US.

At the same time, the company advanced in its transformation by developing low-carbon industrial projects, increasing its portfolio of renewable assets and launching a unique multi-energy offer for customers in Spain.
From September 6 until January 10, 2024, Repsol doubled the discounts on its Planes Energias program, which covers mobility and household supply. Thanks to this initiative, customers who use the Waylet application benefit from savings of up to 40 eurocents per liter of fuel and can recharge electric vehicles for free at public charging stations.

We remind, Repsol's cracker at Tarragona is offline following a fire in the Olefins plant, according to sources and local media reports. The company is currently investigating the cause, sources said. It is not clear whether any force majeure declaration has been made.

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LyondellBasell to establish polyolefins distribution hub in UK

LyondellBasell to establish polyolefins distribution hub in UK

MRC -- LyondellBasell, a global leader in the chemical industry, is proud to announce the establishment of a new distribution hub in the United Kingdom for its Polyolefins grades, said the company.

This strategic move is part of our ongoing commitment to enhancing the customer experience by placing inventories closer to our customers’ facilities reducing lead times on orders.

This distribution hub in the UK is an integral part of LyondellBasell’s global footprint. In addition to our existing distribution platforms, this new hub signifies a significant step forward in providing our customers with faster access to our products.

The creation of this new hub in the UK is the result of a collaborative effort with logistics expert Bertschi, who has a long-standing reputation for excellence in the field. The hub will be strategically located in Middlesborough, ensuring optimized distribution and swift delivery.

Ivan Meakin, Marketing Manager Consumer and Industrial Flexible Packaging, commented, "At LyondellBasell, our unwavering commitment to providing a positive customer experience is at the heart of everything we do. The establishment of our distribution hub in the UK is a testament to our dedication to our customers, and we are excited to leverage this new addition to our network to deliver shorter lead times and enhance our service, as well as leverage our global asset footprint."

Kai Ruch, Business Manager Plastic Hubs of Bertschi, added, "We are delighted to be collaborating with LyondellBasell on this exciting project. The synergy between our logistics expertise and their commitment to customer-centric solutions will undoubtedly make this distribution hub a success. We look forward to contributing to a more efficient and streamlined supply chain."

For more information about this new distribution hub or any other inquiries, we encourage customers to reach out to their respective LyondellBasell sales representatives.

We remind, LyondellBasell has announced it has made the final investment decision to build the company's first industrial-scale catalytic advanced recycling demonstration plant at its Wesseling, Germany, site, said the company.
Using LyondellBasell's proprietary MoReTec technology, this plant will be the first commercial scale, single-train advanced recycling plant to convert post-consumer plastic waste into feedstock for production of new plastic materials that can be ran at net zero greenhouse gas (GHG) emissions.

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Kemira to expand production capacity for ferric sulfate in the U.K.

Kemira to expand production capacity for ferric sulfate in the U.K.

MRC -- Kemira Oyj (Helsinki, Finland) announced a significant capacity extension of its ferric sulfate water treatment chemicals production line in Goole, U.K., said Chemengonline.

The additional 70,000 metric tons per year (m.t./yr) capacity investment helps meet the growing demand for coagulants due to the new and stricter Asset Management Plan 7 and 8 regulation on phosphorus and other nutrient discharge from wastewater treatment set out in the Water Industry National Environment Programme in the UK. The new capacity is planned to be in operation in Q3 2025.

“We support our customers in meeting the tighter regulations and help them to optimize the chemistries used in every part of the water treatment process. This investment will increase our flexibility to utilize different types of iron raw materials which will further secure our strong supply service when demand increases. We are well placed to meet the growing future needs of the UK water treatment industry,” says Wido Waelput, Senior Vice President, Commercial, EMEA & APAC, Industry & Water segment at Kemira.

Kemira produces currently over 350 000 tons of water treatment and other chemicals annually at its four UK manufacturing sites in Goole, Ellesmere Port, Teesport and Bradford. Kemira has invested significantly in the Goole site in recent years. The latest expansion program was completed in 2021.

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