Davis Polk advised Citibank, N.A. as lead arranger and administrative agent in connection with a refinancing and repricing amendment to Lyondell Chemical Company’s and certain of its subsidiaries’ secured asset-based credit facility. The refinancing and repricing amendment increased the total commitments under the facility to $2 billion and extended the maturity of the facility until June 2016.

The borrowers under the facility are Lyondell Chemical Company and other U.S. subsidiaries of Netherlands-based LyondellBasell Industries N.V., a global refiner of crude oil and the leading developer and licensor of technologies for the production of polymers. 

The Davis Polk team included partner Bradley Y. Smith and associates J.W. Perry and Daniel R. Marx. Associate Aaron M. Sacks provided real estate advice. Richard A. Harrison was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.