HOUSTON, Nov. 20 /PRNewswire/ -- Equistar Chemicals, LP announced today the successful completion of its debt consent solicitation, commenced on November 6, 2000.

The purpose of the consent solicitation was to release Lyondell Chemical Company as a primary obligor under certain long-term debt securities and to amend the debt indentures to appropriately reflect Equistar's organizational structure as a partnership. As a result of the successful solicitation, Lyondell has been released as a primary obligor but continues to guarantee Equistar's debt payment obligations under the affected debt indentures. Equistar is the primary obligor for the debt securities. The affected securities were Equistar's 6.50% Notes Due 2006, its 7.55% Debentures Due 2026 and its 9.125% Notes Due 2002.

The consent solicitation expired at 5:00 P.M., Eastern Time, on November 17, 2000.

Equistar Chemicals, LP is a joint venture among Lyondell Chemical Company, Millennium Chemicals Inc. and Occidental Petroleum Corporation that includes petrochemicals and polymers businesses. Equistar is a leading producer of ethylene and propylene, as well as polyethylene and polypropylene resins. Company headquarters is in Houston, Texas.
SOURCE Equistar Chemicals, LP
CONTACT: media, Marvin Brown, 713-309-2643, or investors, Sami Ahmad, 713-309-7141, both of Equistar Chemicals, LP