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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 15, 2025

 

LYONDELLBASELL INDUSTRIES N.V.

(Exact name of registrant as specified in its charter)

 

The Netherlands 001-34726 98-0646235

(State or other jurisdiction of
incorporation)
 

(Commission File Number) 

(IRS Employer Identification No.) 

 

2800 Post Oak Blvd

Suite 5100

Houston, Texas

USA 77056 

 

4th Floor, One Vine Street

London

W1J0AH

The United Kingdom 

 

Delftseplein 27E

3013 AA Rotterdam

The Netherlands 

    (Addresses of principal executive offices)(Zip code)    

 

(713) 309-7200 +44 (0)207 220 2600 +31 (0)10 275 5500
(Registrant’s telephone numbers, including area codes)

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading symbol(s)   Name of each exchange on which registered
Ordinary Shares, € 0.04 par value     LYB     New York Stock Exchange  

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company         ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 1.01.Entry into a Material Definitive Agreement.

 

On May 15, 2025, LyondellBasell Industries N.V. (the “Company”) and its wholly owned subsidiary, LYB International Finance III, LLC (the “Issuer”), completed the underwritten public offering and sale by the Issuer of $500 million aggregate principal amount of 6.150% Guaranteed Notes due 2035 (the “Notes”). The Notes are fully and unconditionally guaranteed by the Company.

 

The offering of the Notes was registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the Company’s Registration Statement on Form S-3ASR (Registration No. 333-283755), and was made pursuant to the prospectus dated December 12, 2024 (the “Base Prospectus”), as supplemented by the prospectus supplement dated May 6, 2025 relating to the Notes and filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the Securities Act (together with the Base Prospectus, the “Prospectus”). The Notes were issued under a base indenture, dated as of October 10, 2019, among the Company, the Issuer and Wells Fargo Bank, National Association, as trustee (the “Base Indenture”), as supplemented by a supplemental indenture dated May 17, 2023, among the Company, the Issuer, Computershare Trust Company, N.A., as base trustee (as successor to Wells Fargo Bank, National Association), and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Supplemental Indenture,” and the Base Indenture as so supplemented, the “Indenture”). The terms of the Notes and the guarantees by the Company are set forth in an officer’s certificate of the Issuer dated May 15, 2025 delivered pursuant to the Indenture (the “Officer’s Certificate”).

 

The descriptions of the Notes, the Indenture, and the Officer’s Certificate are included in the Prospectus and are incorporated herein by reference. The foregoing description of the Indenture is qualified in its entirety by reference to the full text of the Base Indenture, the Supplemental Indenture and the Officer’s Certificate (including the forms of the Notes), copies of which are filed as Exhibits 4.1, 4.2 and 4.3, respectively, to this Form 8-K and are incorporated herein by reference.

 

Item 2.03.Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

 

The information set forth under “Item 1.01. Entry into a Material Definitive Agreement” is incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit 
Number
  Description
     
4.1   Indenture, among LYB International Finance III, LLC, as Issuer, LyondellBasell Industries N.V., as Guarantor, and Wells Fargo Bank, National Association, as Trustee, dated as of October 10, 2019 (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed with the SEC on October 10, 2019).
     
4.2   Supplemental Indenture, among LYB International Finance III, LLC, as Issuer, LyondellBasell Industries N.V., as Guarantor, Computershare Trust Company, N.A., as Base Trustee (as successor to Wells Fargo Bank, National Association) and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of May 17, 2023 (incorporated by reference to Exhibit 4.44 to Post-Effective Amendment No. 1 to the Registration Statement on Form S-3 (File No. 333-261639) filed with the SEC on May 17, 2023).
     
4.3*   Officer’s Certificate of LYB International Finance III, LLC relating to the 6.150% Guaranteed Notes due 2035, dated as of May 15, 2025.
     
4.4*   Form of LYB International Finance III, LLC’s 6.150% Guaranteed Notes due 2035 (included in Exhibit 4.3).
     
5.1*   Legal opinion of Gibson, Dunn & Crutcher LLP.
     
5.2*   Legal opinion of De Brauw Blackstone Westbroek N.V.
     
8.1*   Legal opinion of De Brauw Blackstone Westbroek N.V.
     
23.1*   Consent of Gibson, Dunn & Crutcher LLP (included in Exhibit 5.1).
     
23.2*   Consent of De Brauw Blackstone Westbroek N.V. (included in Exhibits 5.2 and 8.1).
     
104*   The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

 

*Filed herewith

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

  LYONDELLBASELL INDUSTRIES N.V.
     
Date: May 15, 2025 By: /s/ Agustin Izquierdo
  Name: Agustin Izquierdo
  Title: Executive Vice President and Chief Financial Officer

 

 

 

Exhibit 4.3

 

LYB INTERNATIONAL FINANCE III, LLC

 

Officer’s Certificate

 

May 15, 2025

 

Reference is made to the Indenture, dated as of October 10, 2019 among LYB International Finance III, LLC, as issuer (the “Company”), LyondellBasell Industries N.V., as guarantor (the “Guarantor”), and Wells Fargo Bank, National Association, as trustee (the “Base Indenture”), as supplemented by the First Supplemental Indenture dated as of May 17, 2023 among the Company, the Guarantor, Computershare Trust Company, N.A., as base trustee (as successor-in-interest to Wells Fargo Bank, National Association), and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”) (as so supplemented and modified, the “Indenture”). The Trustee is the trustee for the Notes issued under the Indenture. Pursuant to Section 2.01 of the Indenture, the undersigned officer does hereby certify, in connection with the issuance of $500,000,000 aggregate principal amount of 6.150% Guaranteed Notes due 2035 (the “Notes”) that the terms of the Notes are as follows:

 

Capitalized terms used but not otherwise defined herein shall have the meanings specified in the Indenture or in the form of Notes attached hereto as Exhibit A.

 

Title: 6.150% Guaranteed Notes due 2035
   
Issuer: LYB International Finance III, LLC
   
Form: The Notes shall be issued in permanent global form
   
Guarantor: LyondellBasell Industries N.V.
   
Trustee, Registrar, Transfer
Agent, Authenticating
Agent, and Paying Agent:
The Bank of New York Mellon Trust Company, N.A.
   
Aggregate Principal Amount at Maturity: $500,000,000
   
Principal Payment Date: May 15, 2035
   
Interest: 6.150% per annum
   
Date from which Interest will Accrue: May 15, 2025
   
Interest Payment Dates: Semi-annually on May 15 and November 15, commencing on November 15, 2025

 

 

 

 

Record Dates: May 1 and November 1 immediately preceding the related interest payment date
   
Places of Payment: The Trustee at its Corporate Trust Office in Houston set forth in Section 2.03 of the First Supplemental Indenture dated May 17, 2023.
   
Optional Redemption:

Prior to February 15, 2035 (three months prior to the maturity date), the Notes will be redeemable and repayable, at the Company’s option, at any time in whole, or from time to time in part, at a price equal to the greater of:

 

(i) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less (b) interest accrued to, but excluding, the Redemption Date; and

 

(ii) 100% of the principal amount of the Notes to be redeemed;

 

plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.

 

On or after February 15, 2035 (three months prior to the maturity date), the Notes will be redeemable and repayable, at the Company’s option, at any time in whole, or from time to time in part, at a price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the Notes to be redeemed to, but excluding, the date of redemption.

 

The Notes are also redeemable upon certain tax events as set forth in the Notes and Section 3.12 of the Indenture.

   
Conversion: None
   
Sinking Fund: None
   
Redemption at the Option of the Holder: Upon a Change of Control Triggering Event as set forth in the Notes
   
Additional Amounts: As set forth in Section 4.10 of the Indenture with respect to the Guarantor and Section 3.12 and Section 4.09 of the Indenture

 

 

 

 

Denominations: $2,000 and integral multiples of $1,000 in excess thereof
   
Miscellaneous: The terms of the Notes shall include such other terms as are set forth in the form of Notes attached hereto as Exhibit A and in the Indenture.

 

 

Subject to the representations, warranties and covenants described in the Indenture, the Company shall be entitled, subject to authorization by the sole member of the Company and an Officer’s Certificate, to issue additional Notes of a series of Notes from time to time. Any such additional Notes shall have identical terms as the applicable series of Notes issued on the issue date, other than with respect to the date of issuance, the public offering price, the initial interest payment date, if applicable, and the payment of interest accruing prior to the issue date of such additional Notes (together the “Additional Notes”). Any Additional Notes will be issued in accordance with Section 2.01 of the Indenture.

 

Such officer has read and understands the provisions of the Indenture and the definitions relating thereto. The statements made in this Officer’s Certificate are based upon the examination of the provisions of the Indenture and upon the relevant books and records of the Company. In such officer’s opinion, he has made such examination or investigation as is necessary to enable such officer to express an informed opinion as to whether or not the covenants and conditions of such Indenture relating to the issuance and authentication of the Notes have been complied with. In such officer’s opinion, such covenants and conditions have been complied with.

 

[Signature Page Follows]

 

 

 

 

IN WITNESS WHEREOF, I have signed this certificate.

 

Dated: May 15, 2025

 

  LYB INTERNATIONAL FINANCE III, LLC
     
  By: /s/ Brendan J. Dalton
  Name: Brendan J. Dalton
  Title: Treasurer

 

[Signature Page to Officer’s Certificate]

 

 

 

 

EXHIBIT A

 

FORM OF NOTE DUE 2035

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.

 

TRANSFERS OF THIS NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

 

 

 

CUSIP: 50249A AP8
ISIN: US50249AAP84

 

LYB International Finance III, LLC

 

GLOBAL NOTE
representing up to
$[               ]
6.150% Guaranteed Notes due 2035

 

Fully and Unconditionally Guaranteed by

 

LyondellBasell Industries N.V.

 

No. R-[ ] $[                      ]

 

LYB INTERNATIONAL FINANCE III, LLC, a Delaware limited liability company, promises to pay to Cede & Co., or its registered assigns, [            ] DOLLARS ($[      ]) or such greater or lesser principal sum as may be set forth on the Schedule of Increases or Decreases in Global Note attached hereto on May 15, 2035.

 

Interest Payment Dates: Semi-annually on May 15 and November 15, commencing on November 15, 2025

 

Record Dates: May 1 and November 1 immediately preceding the related interest payment date

 

Additional provisions of this Note are set forth on the other side of this Note.

 

 

 

 

IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed.

 

  LYB INTERNATIONAL FINANCE III, LLC, as Issuer
   
  By:  
    Name:
    Title:

 

Dated:

 

  LYONDELLBASELL INDUSTRIES N.V., as Guarantor
   
  By:  
    Name:
    Title:

 

Dated:

 

This is one of the Notes referred to in the within-mentioned Indenture:

 

  THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
   
  By:  
    Name:
    Title:

 

Dated:

 

[Signature Page to Global Note]

 

 

 

 

[Back of Note]

 

6.150% Guaranteed Notes due 2035

 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.            LYB International Finance III, LLC, a Delaware limited liability company (the “Company”), promises to pay interest on the principal amount of this Note at 6.150% per annum from May 15, 2025 until maturity as set forth in the Indenture (as defined below). The Company will pay interest semi-annually in arrears on May 15 and November 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day without the accrual of interest for the intervening period (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Issue Date; provided that the first Interest Payment Date shall be November 15, 2025. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes. Interest will be computed on the basis of a 360 day year comprised of twelve 30-day months.

 

2.            Method of Payment. The Company will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business on May 1 and November 1 (whether or not a Business Day), as the case may be, immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.15(b) of the Indenture with respect to defaulted interest. Payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest and premium on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

 

3.            Trustee; Paying Agent and Registrar. The Bank of New York Mellon Trust Company, N.A., will be the Trustee, Paying Agent and Registrar (the “Trustee”) under the Indenture with regard to the Notes.

 

4.            Guarantee. LyondellBasell Industries N.V., a public company with limited liability (naamloze vennootschap) under the laws of the Netherlands (the “Guarantor”), unconditionally guarantees to the Holders from time to time of the Notes, upon the terms and subject to the conditions set forth in the Indenture, (a) the full and prompt payment of the principal of and any premium on this Note when and as the same shall become due, whether at the Stated Maturity thereof, by acceleration, redemption or otherwise, and (b) the full and prompt payment of any interest on and any Additional Amounts with respect to this Note when and as the same shall become due, subject in each case to any applicable grace period. The Guarantee constitutes a guarantee of payment and not of collection. In the event of a default in the payment of principal of or any premium on any Note when and as the same shall become due, whether at the Stated Maturity thereof, by acceleration, call for redemption or otherwise, or in the event of a default in any sinking fund payment, or in the event of a default in the payment of any interest on or any Additional Amounts with respect to any Note when and as the same shall become due, each of the Trustee and the Holder of such Note shall have the right to proceed first and directly against the Guarantor under the Indenture without first proceeding against the Company or exhausting any other remedies which the Trustee or such Holder may have and without resorting to any other security held by it.

 

 

 

 

5.            Indenture. The Company issued the Notes under an Indenture, dated as of October 10, 2019 (the “Base Indenture”), between the Company, the Guarantor and Wells Fargo Bank, National Association, as supplemented by the First Supplemental Indenture dated as of May 17, 2023 among the Company, the Guarantor, Computershare Trust Company, N.A., as base trustee (as successor to Wells Fargo Bank, National Association), and the Trustee (the Base Indenture, as so supplemented, the “Indenture”). This Note represents a duly authorized issue of Notes of the Company designated as its 6.150% Guaranteed Notes due 2035 (the “Notes”). The Company shall be entitled to issue additional Notes pursuant to Section 2.01 of the Indenture. The Notes issued under the Indenture shall be treated as a single class of securities under the Indenture, unless otherwise specified in the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

6.            Optional Redemption.

 

(a)            Prior to the Par Call Date, the Notes will be redeemable and repayable, at the Company’s option, at any time in whole, or from time to time in part, at a price equal to the greater of:

 

(i)            (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less (b) interest accrued to, but excluding, the Redemption Date; and

 

(ii)            100% of the principal amount of the Notes to be redeemed;

 

plus, in either case, accrued and unpaid interest thereon to, but excluding, the Redemption Date.

 

On or after the Par Call Date, the Notes will be redeemable and repayable, at the Company’s option, at any time in whole, or from time to time in part, at a price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the Notes to be redeemed to, but excluding, the date of redemption.

 

 

 

 

(b)            Notes called for redemption become due on the date fixed for redemption. Notices of redemption will be mailed or electronically delivered at least 10 but not more than 60 days before the Redemption Date to each Holder of record of the Notes to be redeemed at its registered address. The notice of redemption for the Notes will state, among other things, the amount of Notes to be redeemed, the Redemption Date, the redemption price or, if not ascertainable, the manner of determining the redemption price and the place(s) that payment will be made upon presentation and surrender of Notes to be redeemed. Unless the Company defaults in payment of the redemption price, interest will cease to accrue on any Notes that have been called for redemption at the Redemption Date. Notes called for redemption will be redeemed and repaid in principal amounts of $2,000 or any integral multiple of $1,000 in excess thereof. If less than all the Notes are redeemed at any time, the Trustee will select the Notes to be redeemed on a pro rata basis or by any other method in accordance with the procedures of DTC.

 

For purposes of determining the optional redemption price, the following definitions are applicable:

 

Par Call Date” means February 15, 2035 (three months prior to the maturity date of the Notes).

 

Treasury Rate” means, with respect to any Redemption Date, the yield determined by the Company in accordance with the following two paragraphs.

 

The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the Redemption Date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) — H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities — Treasury constant maturities — Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields — one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life — and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date.

 

 

 

 

If on the third business day preceding the Redemption Date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semiannual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

 

The Company’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. The Trustee shall have no responsibility to determine the redemption price.

 

7.            Redemption for Changes in Taxes. In accordance with Section 3.12 of the Indenture, the Company may redeem the Notes in whole but not in part at its discretion at any time upon giving not less than 10 nor more than 60 days’ prior notice to the Holders of the Notes (which notice will be irrevocable) at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date fixed by the Company for redemption (a “Tax Redemption Date”) (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date and Additional Amounts (if any) in respect thereof) under the circumstances set forth in Section 3.12 of the Indenture.

 

8.            Sinking Fund. The Company shall not be required to make sinking fund payments with respect to the Notes.

 

9.            Change of Control Offer. If a Change of Control Triggering Event (as defined below) occurs, unless the Company has exercised its option to redeem the Notes as described in Section 6, each Holder shall have the right to require the Company to make an offer (a “Change of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes on the terms set forth herein. In a Change of Control Offer, the Company will offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased (a “Change of Control Payment”), plus accrued and unpaid interest, if any, on the Notes repurchased to the date of repurchase, subject to the right of Holders of record on the applicable record date to receive interest due on the next Interest Payment Date.

 

 

 

 

Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, a notice will be mailed to Holders of the Notes describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Notes on the date specified in the applicable notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (a “Change of Control Payment Date”). The notice may, if mailed prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the applicable Change of Control Payment Date.

 

Upon the Change of Control Payment Date, the Company will, to the extent lawful:

 

(a)            accept for payment all Notes or portions of Notes properly tendered and not withdrawn pursuant to the Change of Control Offer;

 

(b)            deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered and not withdrawn; and

 

(c)            deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased.

 

The Company will not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases all Notes properly tendered and not withdrawn under its offer. In addition, the Company will not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event.

 

The Company will comply with the applicable requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company will comply with those securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict.

 

For purposes of this Section 10, the following terms will be applicable:

 

Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the Guarantor’s assets and the assets of the Guarantor’s Subsidiaries, taken as a whole, to any person, other than the Guarantor or one of its Subsidiaries; or (2) the Guarantor becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition by any person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of acquisition, merger, amalgamation, consolidation, transfer, conveyance or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of more than 50% of the total voting power of the voting stock of the Guarantor, other than by virtue of the imposition of a holding company, or the reincorporation of the Guarantor in another jurisdiction, so long as the beneficial owners of the voting stock of the Guarantor immediately prior to such transaction hold a majority of the voting power of the voting stock of such holding company or reincorporation entity immediately thereafter. Any disposition of a “disposed group” permitted pursuant to Section 5.01(b) of the Indenture will not constitute a Change of Control pursuant to clause (1) of the first sentence of this definition.

 

 

 

 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control under clause (2) of the definition of Change of Control above if (i) the Guarantor becomes a direct or indirect wholly owned Subsidiary of a holding company and (ii)(A) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of the Guarantor’s voting stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the voting stock of such holding company. The term “person,” as used in this definition of Change of Control, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.

 

These provisions relating to the Company’s obligation to make a Change of Control Offer may be waived or modified with the consent of the Holders of a majority in aggregate principal amount of the Notes.

 

Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

 

Fitch” means Fitch Ratings, Inc. and its successors.

 

investment grade rating” means a rating equal to or higher than BBB- (or the equivalent) or better by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the Guarantor.

 

Moody’s” means Moody’s Investors Service, Inc. and its successors.

 

rating agencies” means (1) each of Fitch, Moody’s and S&P and (2) if any of Fitch, Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Guarantor’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Guarantor (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be.

 

 

 

 

rating event” means the rating on the Notes is lowered by each of the three rating agencies and the Notes are rated below an investment grade rating by each of the three rating agencies, in any case on any day during the period (which period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by either of the rating agencies) commencing 60 days prior to the first public notice of the occurrence of a Change of Control or the Guarantor’s intention to effect a Change of Control and ending 60 days following consummation of such Change of Control.

 

S&P” means S&P Global Ratings, a division of S&P Global, Inc., and its successors.

 

voting stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

 

10.            Denominations, Transfer, Exchange. The Notes are in fully registered form only, without coupons, in denominations of $2,000 and integral multiples of $1,000. A holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Registrar need not register the transfer or exchange of any Notes during a period beginning 15 days before the mailing of a redemption notice for any Notes or portions thereof selected for redemption.

 

11.            Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes.

 

12.            Amendment, Supplement and Waiver. The Indenture or the Notes may be amended or supplemented as provided in the Indenture.

 

13.            Defaults and Remedies. If an Event of Default with respect to any Securities of any series at the time outstanding (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company or the Guarantor as specified in the Indenture) occurs and is continuing, the Trustee by notice to the Company and the Guarantor, or the Holders of at least 25% in principal amount of the then outstanding Securities of the series affected by such Event of Default (or, in the case of an Event of Default described in clause (4) of Section 6.01(a) of the Indenture, if outstanding Securities of other series are affected by such Event of Default, then at least 25% in principal amount of the then outstanding Securities of all such series so affected acting as one class) by notice to the Company, the Guarantor and the Trustee, may declare the principal of (or, if any such Securities are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) and all accrued and unpaid interest on all then outstanding Securities of such series or of all series, as the case may be, to be due and payable. Upon any such declaration, the amounts due and payable on the Securities shall be due and payable immediately. If an Event of Default specified in clause (6) or (7) of Section 6.01(a) of the Indenture hereof occurs, such amounts shall ipso facto become and be immediately due and payable without any declaration, notice or other act on the part of the Trustee or any Holder of the Securities. The Holders of a majority in principal amount of the then outstanding Securities of the series affected by such Event of Default or all series so affected, as the case may be, by written notice to the Trustee may rescind an acceleration and its consequences (other than nonpayment of principal of or premium or interest on or any Additional Amounts with respect to the Securities) if (1) the rescission would not conflict with any judgment or decree, (2) all existing Events of Default with respect to Securities of that series (or of all series, as the case may be) have been cured or waived, except nonpayment of principal, premium, interest or any Additional Amounts that has become due solely because of the acceleration, and (3) the Trustee has been paid any amounts due to it for the compensation as may be agreed in writing by the parties from time to time, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 of the Indenture.

 

 

 

 

14.            Authentication. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual or electronic signature of the Trustee.

 

15.            GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT THE LAWS OF THE STATE OF NEW YORK REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

16.            CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Company at the following address:

 

LYB International Finance III, LLC
2800 Post Oak Boulevard

Suite 5100

Houston, Texas 77056
Attention: Treasury Operations US

Email:  [email protected]

 

 

 

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

(I) or (we) assign and transfer this Note to:  
  (Insert assignee’s legal name)

 

  (Insert assignee’s Soc. Sec. or tax I.D. no.)

 

   

 

   
   
   
(Print or type assignee’s name, address and zip code)

 

and irrevocably appoint _________________________________________________ to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

Date:        
    Your Signature:  
      (Sign exactly as your name appears on the face of this Note)

 

Signature Guarantee*:    

 

 

*       Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

 

 

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased by the Company pursuant to Section 9 of the Note, check the box below:

 

[ ]

 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 9 of the Note, state the amount you elect to have purchased:

 

$______________

 

Date:        
    Your Signature:  
      (Sign exactly as your name appears on the face of this Note)

 

  Tax Identification No.:  

 

Signature Guarantee*:    

 

 

*       Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

 

 

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

 

The following increases or decreases in this Global Note have been made:

 

Date of Exchange

 

Amount of
decrease in
Principal Amount
of this Global Note

 

Amount of
increase in
Principal Amount
of this Global Note

 

Principal Amount
of Global Note
following such
decrease or
increase

 

Signature of
authorized
signatory of
Trustee or Notes
Custodian

                 
                 
                 
                 

 

 

 

Exhibit 5.1

 

 

 

May 15, 2025

 

LYB International Finance III, LLC

LyondellBasell Industries N.V.

 

c/o LyondellBasell Industries N.V.

4th Floor, One Vine Street

London W1J OAH

United Kingdom

 

Re:      LyondellBasell Industries N.V. and LYB International Finance III, LLC; Registration Statement on Form S-3 (File No. 333-283755)

 

Ladies and Gentlemen:

 

We have acted as counsel to LYB International Finance III, LLC, a Delaware limited liability company (the “Company”), and LyondellBasell Industries N.V., a public company with limited liability (naamloze vennootschap) in the country of The Netherlands (the “Guarantor”), in connection with the preparation and filing of the prospectus supplement, dated May 6, 2025, filed with the Securities and Exchange Commission (the “Commission”) on May 7, 2025 pursuant to Rule 424(b) of the Securities Act (as defined below) (the “Prospectus Supplement”), and the offering and sale by the Company pursuant thereto of $500,000,000 aggregate principal amount of 6.150% Guaranteed Notes due 2035 (the “Notes”) pursuant to the Underwriting Agreement dated as of May 6, 2025 among the Company, the Guarantor and the Underwriters named therein.

 

The Notes are being issued pursuant to the Indenture, dated as of October 10, 2019 (the “Base Indenture”), as supplemented by the First Supplemental Indenture dated May 17, 2023, among the Company, the Guarantor, Computershare Trust Company, N.A., as base trustee (as successor to Wells Fargo Bank, National Association), and The Bank of New York Mellon Trust Company, N.A., as trustee, as further modified in respect of the Notes by the Officer’s Certificate pursuant to Section 2.01 of the Base Indenture dated as of May 15, 2025 (as so supplemented and modified, the “Indenture”), and are being guaranteed pursuant to the terms of the Indenture by the Guarantor (the “Guarantee”).

 

In arriving at the opinion expressed below, we have examined originals, or copies certified or otherwise identified to our satisfaction as being true and complete copies of the originals, of the Indenture, the Notes, the Guarantee and such other documents, corporate records, certificates of officers of the Company and the Guarantor and of public officials and other instruments as we have deemed necessary or advisable to enable us to render these opinions. In our examination, we have assumed, without independent investigation, the genuineness of all signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents submitted to us as copies. As to any facts material to these opinions, we have relied to the extent we deemed appropriate and without independent investigation upon statements and representations of officers and other representatives of the Company, the Guarantor and others.

 

Gibson, Dunn & Crutcher LLP
811 Main Street Suite 3000 | Houston, TX 77002-6117 | T: 346.718.6600 | F: 346.718.6620 | gibsondunn.com

 

 

 

 

 

 

May 15, 2025

Page 2

 

We are not admitted or qualified to practice law in The Netherlands. Therefore, we have relied upon the opinions of De Brauw Blackstone Westbroek N.V., Dutch counsel for the Company and the Guarantor, filed as exhibits to the Guarantor’s Current Report on Form 8-K filed with the Commission on May 15, 2025, with respect to matters governed by the laws of The Netherlands.

 

Based upon the foregoing, and subject to the assumptions, exceptions, qualifications and limitations set forth herein, we are of the opinion that the Notes are legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, and the Guarantee of the Notes is a legal, valid and binding obligation of the Guarantor obligated thereon, enforceable against the Guarantor in accordance with its terms.

 

The opinion expressed above is subject to the following additional exceptions, qualifications, limitations and assumptions:

 

A.            We render no opinion herein as to matters involving the laws of any jurisdiction other than the State of New York and the United States of America and for purposes of our opinions above, the Delaware Limited Liability Company Act. We are not admitted to practice in the State of Delaware; however, we are generally familiar with the Delaware Limited Liability Company Act as currently in effect and have made such inquiries as we consider necessary to render the opinions above. We have further assumed without independent investigation that the operating agreement of the Company constitutes a legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms; to the extent our opinions above are dependent on the interpretation of such agreement, they are based on the plain meaning of the provisions thereof in light of the Delaware Limited Liability Company Act. Without limitation, we do not express any opinion regarding any Delaware contract law. This opinion is limited to the effect of the current state of the laws of the State of New York and the United States of America and, to the limited extent set forth above, the laws of the State of Delaware, and the facts as they currently exist. We assume no obligation to revise or supplement this opinion in the event of future changes in such laws or the interpretations thereof or such facts.

 

 

 

 

 

 

May 15, 2025

Page 3

 

B.            The opinions above are each subject to (i) the effect of any bankruptcy, insolvency, reorganization, moratorium, arrangement or similar laws affecting the rights and remedies of creditors generally, including without limitation the effect of statutory or other laws regarding fraudulent transfers or preferential transfers, and (ii) general principles of equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance, injunctive relief or other equitable remedies regardless of whether enforceability is considered in a proceeding in equity or at law.

 

C.            We express no opinion regarding the effectiveness of (i) any waiver of stay, extension or usury laws or of unknown future rights; (ii) any waiver (whether or not stated as such) under the Indenture, the Guarantee or the certificates evidencing the global Notes (collectively, the “Specified Note Documents”) of, or any consent thereunder relating to, unknown future rights or the rights of any party thereto existing, or duties owing to it, as a matter of law; (iii) any waiver (whether or not stated as such) contained in the Specified Note Documents of rights of any party, or duties owing to it, that is broadly or vaguely stated or does not describe the right or duty purportedly waived with reasonable specificity; (iv) provisions relating to indemnification, exculpation or contribution, to the extent such provisions may be held unenforceable as contrary to public policy or federal or state securities laws or due to the negligence or willful misconduct of the indemnified party; (v) any purported fraudulent transfer “savings” clause; (vi) any provision in any Specified Note Document waiving the right to object to venue in any court; (vii) any agreement to submit to the jurisdiction of any Federal court; (viii) any waiver of the right to jury trial; or (ix) any provision to the effect that every right or remedy is cumulative and may be exercised in addition to any other right or remedy or that the election of some particular remedy does not preclude recourse to one or more others.

 

We consent to the filing of this opinion as an exhibit to the Company’s Current Report on Form 8-K, which is deemed incorporated by reference into the Registration Statement on Form S-3 (Registration No. 333-283755), and to the reference to our firm under the heading “Legal Matters” in the Prospectus Supplement. In giving these consents, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

 

Very truly yours,

 

/s/ Gibson, Dunn & Crutcher LLP

 

 

 

 

Exhibit 5.2

 

  Advocaten
Notarissen
Belastingadviseurs

 

 

To the Guarantor (as defined below) Burgerweeshuispad 201
P.O. Box 75084
1070 AB Amsterdam

 

  T +31 20 577 1771
F +31 20 577 1775  

 

Date 15 May 2025 F.J.M. Hengst  
  E [email protected]
Our ref. M41900887/1/20750692 T +31 20 577 1956
  F +31 20 577 1775

 

Re:  
   
Dear Sir/Madam,  

 

LyondellBasell Industries N.V. (the "Guarantor")
USD 500,000,000 6.150% Guaranteed Notes due 2035 (the "Notes")

 

1Introduction

 

We, De Brauw Blackstone Westbroek N.V. ("De Brauw") act as Dutch legal advisers to the Guarantor in connection with the Notes and the Registration.

 

Certain terms used in this opinion are defined in the Annex (Definitions).

 

2SCOPE OF WORK

 

As set out in paragraphs 1 and 7, we give this opinion as Dutch legal advisers and our duty of care is governed by Dutch law. By implication:

 

(a)This opinion is limited to Dutch law. It (including all terms used in it) is to be construed in accordance with Dutch law.

 

(b)As required by Dutch law, in preparing and issuing this opinion, we have observed the care which is to be expected from a reasonably proficient and reasonably acting Dutch opinion giver in similar circumstances (including our reputation) and accordingly:

 

De Brauw Blackstone Westbroek N.V., Amsterdam, is registered with the Trade Register in the Netherlands under no. 27171912.

 

All services and other work are carried out under an agreement of instruction ("overeenkomst van opdracht") with De Brauw Blackstone Westbroek N.V. The agreement is subject to the General Conditions, which have been filed with the register of the District Court in Amsterdam and contain a limitation of liability.

 

Client account notaries ING Bank IBAN NL83INGB0693213876 BIC INGBNL2A.

 

 

 

 

 

(i)we have performed the factual research set out in paragraph 3 and not any additional fact-finding actions (including not in respect of the correctness of the assumptions in paragraph 4 or the applicability of the qualifications in paragraph 6 except as expressly set out in it);

 

(ii)we have examined the text of the documents listed in paragraph 3 and not researched their meaning and effect beyond their semantic meaning to a Dutch opinion giver (including not their meaning and effect under any law other than Dutch law);

 

(iii)we have performed legal research into Dutch law reasonably likely to be relevant to this opinion and not any additional legal research (including into Dutch law not in effect on or prior to the date of this opinion); and

 

(iv)we do not express any opinion or view other than as expressly set out in paragraphs 5 and 6 (including not in respect of any document, or on any reference to a document, not listed in paragraph 3).

 

This opinion is limited to its date.

 

3Factual research

 

We have examined the following documents:

 

(a)A copy of:

 

(i)each Agreement signed by the Guarantor;

 

(ii)the form of the Notes, including the Guarantee as included in the Officer's Certificate;

 

(iii)the Registration Statement, including the Base Prospectus and the Prospectus Supplement;

 

(iv)the Base Indenture;

 

(v)the Officer's Certificate signed by the Guarantor; and

 

(vi)a draft of the Current Report.

 

2/15

 

 

 

(b)A copy of:
   

(i)the Guarantor's deed of incorporation and its articles of association, as provided by the Chamber of Commerce (Kamer van Koophandel);

 

(ii)each Board Regulation; and

 

(iii)each Trade Register Extract.

 

(c)A copy of:

 

(i)each Corporate Resolution;

 

(ii)the Company Certificate; and

 

(iii)the Guarantor CEO Confirmation.

 

(d)A copy of the:

 

(i)Power of Attorney;

 

(ii)2019 Power of Attorney;

 

(iii)2023 Power of Attorney; and

 

(iv)2024 Power of Attorney.

 

In addition, we have obtained the following confirmations on the date of this opinion:

 

(e)Confirmation by telephone from the Chamber of Commerce that the 2025 Trade Register Extract is up to date.

 

(f)Confirmation through https://data.europa.eu/data/datasets/consolidated-list-of-persons-groups-and-entities-subject-to-eu-financial-sanctions?locale=en and https://www.rijksoverheid.nl/documenten/rapporten/2015/08/27/nationale-terrorismelijst that the Guarantor is not included on any Sanctions List.

 

(g)Confirmation through www.rechtspraak.nl, derived from the Central Insolvency Register (including from the segments for EU registrations and publications about public composition proceedings outside bankruptcy), that the Guarantor is not registered as being subject to a public Dutch Insolvency or foreign Insolvency Proceedings.

 

3/15

 

 

 

4Assumptions

 

We have made the following assumptions:

 

(a)

 

(i)Each copy document conforms to the original and each original is genuine and complete.

 

(ii)

 

(A)Each signature (including each electronic signature) is the genuine signature of the individual concerned.

 

(B)Each electronic signature is a qualified electronic signature or the signing method used for it is sufficiently reliable.

 

(iii)Each confirmation listed in paragraph 3 is true.

 

(iv)Each Agreement has been signed by all parties, all Notes have been or will have been issued, and the Registration Statement and the Prospectus Supplement have been filed with the SEC, in the form referred to in this opinion.

 

(v)Each party validly entered into the Base Indenture.

 

(b)

 

(i)All Board Regulations remain in force without modification.

 

(ii)Each Corporate Resolution has been duly adopted and remains in force without modification.

 

(c)

 

(i)The Power of Attorney:

 

(A)has been signed on behalf of the Guarantor expressed to be granting it by its managing directors in accordance with its articles of association; and

 

(B)remains in force without modification;

 

and no rule of law (other than Dutch law) which under the 1978 Hague Convention on the Law applicable to Agency applies or may be applied to the existence and extent of the authority of any person authorised to sign any Agreement on behalf of the Guarantor under the Power of Attorney, adversely affects the existence and extent of that authority as expressed in the Power of Attorney (including, whether or not expressed, to sign by electronic signature).

 

4/15

 

 

 

(ii)The Agreements have been signed on behalf of the Guarantor by one of its managing directors or by a person named as authorised representative in the Power of Attorney granted by it.

 

(d)

 

(i)Any Notes offered to the public in the Netherlands have been, are and will be so offered in accordance with the Prospectus Regulation and the Offer Regulations.

 

(ii)The Notes have not been, are not and will not be admitted to trading on the regulated market of Euronext Amsterdam or on any other regulated market in the Netherlands.

 

(iii)At the time when the Issuer disposed or disposes of the Notes in the context of the offer of the Notes, neither the Issuer nor the Guarantor possessed or possesses inside information (voorwetenschap) in respect of the Issuer or the Guarantor or the trade in the Notes.

 

(e)The Issuer is a wholly owned subsidiary of the Guarantor.

 

(f)The Issuer does not qualify as a bank (bank) within the meaning of the Wft.

 

(g)Each trust party to the Indenture is a trust to which the Trust Convention applies.

 

5Opinion

 

Within the limitations set out in paragraph 2, based on the factual research described in paragraph 3 and the assumptions made in paragraph 4 and subject to the qualifications in paragraph 6 and any matters not disclosed to us, we are of the following opinion:

 

(a)The Guarantor has been incorporated and exists as a public limited liability company (naamloze vennootschap).

 

(b)

 

5/15

 

 

 

(i)The Guarantor has the corporate power to enter into and perform the Agreements.

 

(ii)The Guarantor has taken all necessary corporate action to authorise its entry into and performance of the Agreements.

 

(iii)The Guarantor has validly signed the Agreements and the Officer's Certificate.

 

(c)The Guarantor's entry into and performance of the Agreements do not violate Dutch law or its articles of association.

 

6Qualifications

 

This opinion is subject to the following qualifications:

 

(a)This opinion is subject to any limitations arising from (i) rules relating to Dutch Insolvencies, (ii) rules relating to foreign insolvency or composition or restructuring proceedings (including foreign Insolvency Proceedings), (iii) other rules regulating conflicts between rights of creditors, or (iv) resolution, intervention and other measures in relation to financial enterprises or their affiliated entities.

 

(b)The Sanction Act 1977 (Sanctiewet 1977) or international sanctions may affect whether (i) the Guarantor's entry into and performance of the Agreements violate Dutch law, and (ii) the Agreements and the Notes are valid, binding and enforceable.

 

(c)To the extent that Dutch law applies, a legal act (rechtshandeling) performed by a person (including (without limitation) an agreement pursuant to which it guarantees the performance of the obligations of another person and any other legal act having a similar effect) may be nullified by any of its creditors, if (a) it performed the act without an obligation to do so (onverplicht), (b) the creditor concerned was prejudiced as a consequence of the act, and (c) at the time the act was performed both it and (unless the act was for no consideration (om niet)) the party with or towards which it acted knew or should have known that one or more of its creditors (existing or future) would be prejudiced.

 

(d)If a legal act (rechtshandeling) performed by a Dutch legal entity (including (without limitation) an agreement pursuant to which it guarantees the performance of, or provides or agrees to provide security for, any of another person's obligations and any other legal act having a similar effect) is not in the entity's interest, the act may (i) exceed the entity's corporate or other power, (ii) violate its articles of association, and (iii) be nullified by it if the other party or parties to the act knew or should have known without investigation that the act is not in the entity's interest.

 

6/15

 

 

 

(e)

 

(i)An extract from the Trade Register does not provide conclusive evidence that the facts set out in it are correct. However, under the 2007 Trade Register Act (Handelsregisterwet 2007), subject to limited exceptions, a legal entity or partnership cannot invoke the incorrectness or incompleteness of its Trade Register registration against third parties who were unaware of the incorrectness or incompleteness.

 

(i)A confirmation from the Central Insolvency Register does not provide conclusive evidence that an entity is not subject to a Dutch Insolvency or foreign Insolvency Proceedings (also because they are not all registered).

 

(f)The recognition of each trust party to the Indenture as a trust is subject to the Trust Convention.

 

(g)We do not express any opinion on:

 

(i)the validity, binding effect or enforceability of any Agreement, the Notes, the Current Report or the Registration Statement;

 

(ii)tax matters;

 

(iii)anti-trust, state-aid or competition laws;

 

(iv)financial assistance;

 

(v)sanctions laws;

 

(vi)in rem matters; and

 

(vii)any laws that we, having exercised customary professional diligence, could not be reasonably expected to recognize as being applicable to the Agreements or the transaction pursuant to the Agreements to which this opinion relates.

 

7Reliance

 

(a)This opinion is an exhibit to the Current Report and may be relied upon by Gibson, Dunn & Crutcher LLP for the purpose of the Registration. It may not be supplied, and its contents or existence may not be disclosed, to any person other than as an exhibit to (and therefore together with) the Current Report and may not be relied upon for any purpose other than the Registration.

 

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(b)By accepting this opinion, each person accepting this opinion agrees that:

 

(i)only we, De Brauw (and not any other person, including any person working at or affiliated with us) will have any liability in connection with this opinion;

 

(ii)our liability in connection with this opinion is limited to the amount that is paid out in the specific case under our insurance, plus the applicable deductible;

 

(iii)the agreements in this paragraph 7, our duty of care and all liability and other matters relating to this opinion will be governed exclusively by Dutch law and the Dutch courts will have exclusive jurisdiction to settle any dispute relating to them;

 

(iv)this opinion may be signed with an electronic signature. This has the same effect as if signed with a handwritten signature; and

 

(v)the agreements in this paragraph 7 apply in addition to, and do not set aside, our general terms and conditions.

 

(c)The Guarantor may:

 

(i)file this opinion as an exhibit to the Current Report; and

 

(ii)refer to De Brauw giving this opinion under the heading "Item 9.01 Financial Statements and Exhibits" in the Current Report.

 

(d)The previous sentence is no admittance from De Brauw that we are in the category of persons whose consent for the filing and reference as set out in that sentence is required under Section 7 of the Securities Act or any rules or regulations of the SEC promulgated under it.

 

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Yours faithfully,  
De Brauw Blackstone Westbroek N.V.  
   
/s/ Ferdinand Hengst  
Ferdinand Hengst  
Advocaat  

 

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Annex – Definitions

Part 1 – General

 

In this opinion:

 

"Agreements" is defined in part 3 (Issue Documents) of this Annex.

 

"Base Indenture" is defined in part 3 (Issue Documents) of this Annex.

 

"Base Prospectus" is defined in part 3 (Issue Documents) of this Annex.

 

"Board Regulations" is defined in part 2 (Guarantor) of this Annex.

 

"Company Certificate" is defined in part 2 (Guarantor) of this Annex.

 

"Corporate Resolutions" is defined in part 2 (Guarantor) of this Annex.

 

"De Brauw" means De Brauw Blackstone Westbroek N.V.

 

"Dutch Insolvency" means bankruptcy (faillissement), suspension of payments (surseance van betaling) or restructuring proceedings outside bankruptcy (akkoordprocedures buiten faillissement).

 

"Dutch law" means the national law of the Netherlands and European Union and international law to the extent directly applicable in the Netherlands.

 

"Guarantee" is defined in part 3 (Issue Documents) of this Annex.

 

"Guarantor" is defined in part 2 (Guarantor) of this Annex.

 

"Guarantor CEO Confirmation" is defined in part 2 (Guarantor) of this Annex.

 

"Indenture" is defined in part 3 (Issue Documents) of this Annex

 

"Insolvency Proceedings" means insolvency proceedings as defined in Article 2(4) of Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast).

 

"Issuer" means LYB International Finance III, LLC, with seat in Delaware, United States of America.

 

"Notes" means the USD 500,000,000 6.150% Guaranteed Notes issued by the Issuer due 2035.

 

"Offer Regulations" means:

 

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(a)Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council with regard to regulatory technical standards on key financial information in the summary of a prospectus, the publication and classification of prospectuses, advertisements for securities, supplements to a prospectus, and the notification portal, and repealing Commission Delegated Regulation (EU) No 382/2014 and Commission Delegated Regulation (EU) 2016/301;

 

(b)Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/2004;

 

(c)Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC;

 

(d)Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies to the extent applicable to the Prospectus; and

 

(e)the Wft.

 

"Officer's Certificate" is defined in part 3 (Issue Documents) of this Annex.

 

"Power of Attorney" is defined in part 2 (Guarantor) of this Annex.

 

"Prospectus" is defined in part 3 (Issue Documents) of this Annex.

 

"Prospectus Regulation" means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC.

 

"Prospectus Supplement" is defined in part 3 (Issue Documents) of this Annex.

 

"Registration" means the registration by the Issuer of the Notes with the SEC under the Securities Act.

 

"Registration Statement" is defined in part 3 (Issue Documents) of this Annex.

 

"Sanctions List" means each of:

 

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(a)The Consolidated list of persons, groups and entities subject to EU financial sanctions; and

 

(b)The National terrorism sanctions list (Nationale sanctielijst terrorisme).

 

"SEC" means the U.S. Securities and Exchange Commission.

 

"Securities Act" means the U.S. Securities Act of 1933, as amended.

 

"the Netherlands" means the European part of the Netherlands.

 

"Trade Register Extract" is defined in part 2 (Guarantor) of this Annex.

 

"Trustee" means The Bank of New York Mellon Trust Company, N.A.

 

"Trust Convention" means the 1985 Convention on the Law applicable to Trusts and their Recognition.

 

"Underwriters" means BofA Securities, Inc. and Wells Fargo Securities, LLC as representatives of the several underwriters listed in Schedule A of the Underwriting Agreement.

 

"Underwriting Agreement" is defined in part 3 (Issue Documents) of this Annex.

 

"Wft" means the Financial Markets Supervision Act (Wet op het financieel toezicht).

 

"2019 Power of Attorney" is defined in part 2 (Guarantor) of this Annex.

 

"2023 Power of Attorney" is defined in part 2 (Guarantor) of this Annex.

 

"2024 Power of Attorney" is defined in part 2 (Guarantor) of this Annex.

 

"2025 Trade Register Extract" is defined in part 2 (Guarantor) of this Annex.

 

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Part 2 – Guarantor

 

In this opinion:

 

"Guarantor" means LyondellBasell Industries N.V., with seat in Rotterdam, Trade Register number 24473890, and in relation to it:

 

(a)"Board Regulations" means each of:

 

(i)the management board regulations of its management board (bestuur) dated 18 November 2021 and retrieved from its website on 5 May 2025; and

 

(ii)the charter of the Finance Committee of its management board (bestuur) dated 21 September 2023 and retrieved from its website on 5 May 2025;

 

(b)"Company Certificate" means the company certificate from the chairman and corporate secretary of the Guarantor dated 15 May 2025 relating to the February 2025 Corporate Resolutions;

 

(c)"Corporate Resolutions" means:

 

(i)the resolutions of its management board (bestuur), including a power of attorney granted by it to each of the Chief Executive Officer (Peter Vanacker), the Chief Financial Officer (Michael McMurray or Agustin Iquierdo, as applicable), the General Counsel (Jeff Kaplan), the Treasurer (Donny Chia) and the Secretary (Charity Kohl) (or any successors in the aforementioned roles), adopted during a meeting on 27 February 2025, as reflected in the extract of the minutes of that meeting attached to the Company Certificate (the "February 2025 Corporate Resolutions");

 

(ii)the resolutions of its management board (bestuur), including a power of attorney granted by it to each of the Chief Executive Officer (Peter Vanacker), the Chief Financial Officer (Michael McMurray), the General Counsel (Jeff Kaplan), the Treasurer (Donny Chia) and the Secretary (Charity Kohl), adopted during a meeting on 17 November 2023 (the "November 2023 Corporate Resolutions"); the resolutions of its management board (bestuur),

 

(iii)including a power of attorney granted by it to each of the Chief Executive Officer (Peter Vanacker), the Chief Financial Officer (Michael McMurray), the General Counsel (Jeff Kaplan), the Treasurer (Donny Chia) and the Secretary (Charity Kohl), adopted during a meeting on 23 February 2023 (the "February 2023 Corporate Resolutions"); and

 

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(iv)the resolutions of its management board (bestuur), including a power of attorney granted by it to each of the Chief Executive Officer (Bob Patel), the Chief Financial Officer (Thomas Aebischer), the Chief Legal Officer (Jeff Kaplan), the Treasuer (Larry Somma) and the Secretary (Charity Kohl), adopted during a meeting on 17 July 2019 (the "2019 Corporate Resolutions");

 

(d)"Guarantor CEO Confirmation" means the confirmatory statement from the stated Chief Executive Officer of the Guarantor via email on 2 May 2025 approving the terms of the Agreements;

 

(e)"Power of Attorney" means the power of attorney included in the resolutions of its management board referred to in the definition of "February 2025 Corporate Resolutions" at paragraph (c)(i) above;

 

(f)"Trade Register Extracts" means each of the Trade Register extracts relating to it provided by the Chamber of Commerce and dated:

 

(i)13 May 2025 (the "2025 Trade Register Extract");

 

(ii)23 February 2024;

 

(iii)16 May 2023; and

 

(iv)11 July 2019;

 

(g)"2019 Power of Attorney" means the power of attorney included in the resolutions of its management board referred to in the definition of "2019 Corporate Resolutions" at paragraph (c)(iv) above;

 

(h)"2023 Power of Attorney" means the power of attorney included in the resolutions of its management board referred to in the definition of "February 2023 Corporate Resolutions" at paragraph (c)(ii) above; and

 

(i)"2024 Power of Attorney" means the power of attorney included in the resolutions of its management board referred to in the definition of "February 2025 Corporate Resolutions" at paragraph (c)(i) above.

 

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Part 3 – Issue Documents

 

In this opinion:

 

"Agreements" means the Indenture and the Underwriting Agreement.

 

"Base Indenture" means the indenture dated 10 October 2019 between the Issuer, the Guarantor and Wells Fargo Bank, National Association, as trustee.

 

"Base Prospectus" means the prospectus included in the Registration Statement.

 

"Current Report" means the Issuer's current report on Form 8-K dated 15 May 2025, reporting the issue of the Notes (excluding any documents incorporated by reference into the report and any exhibits to the report).

 

"Guarantee" means the guarantee of the Notes by the Guarantor.

 

"Indenture" means the Base Indenture as supplemented by the first supplemental indenture dated 17 May 2023, among the Issuer, the Guarantor, Computershare Trust Company, N.A. as base trustee and the Trustee, as further modified in respect of the Notes by the Officer’s Certificate pursuant to Section 2.01 of the Base Indenture.

 

"Officer's Certificate" means the Officer's Certificate in relation to the Indenture dated 15 May 2025.

 

"Prospectus" means the Base Prospectus as supplemented by the Prospectus Supplement.

 

"Prospectus Supplement" means the prospectus supplement dated 6 May 2025.

 

"Registration Statement" means the registration statement on Form S-3 dated 12 December 2024 in relation to the registration by the Guarantor and the Issuer of, inter alia, the Notes with the SEC under the Securities Act (including the Base Prospectus, but excluding any documents incorporated by reference in it and any exhibits to it), as amended and supplemented on the date hereof.

 

"Underwriting Agreement" means the underwriting agreement dated 6 May 2025 between the Issuer, the Guarantor and the Underwriters.

 

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Exhibit 8.1

 

  Advocaten
  Notarissen
  Belastingadviseurs

 

 

To the Issuer (as defined below) Burgerweeshuispad 201
  P.O. Box 75084
  1070 AB Amsterdam

 

  T +31 20 577 1771
  F +31 20 577 1775

 

Date 15 May 2025 Henk van Ravenhorst
  E [email protected]
Our ref. 20750692 T +31 20 577 1933 (direct)
  T +31 20 577 1654 (secretary)
   
Re:  
   
Dear Sir/Madam,  

 

LYB International Finance III, LLC (the "Issuer")
USD 500,000,000 6.150% Guaranteed Notes due 2035 (the "Notes")

 

1Introduction

 

I act as Dutch tax adviser to the Issuer in connection with the Registration.

 

Certain terms used in this opinion are defined in the Annex (Definitions).

 

2Dutch Law

 

This opinion is limited to Dutch law in effect on the date of this opinion. It (including all terms used in it) is to be construed in accordance with Dutch law.

 

3Scope of Inquiry

 

I have examined the following documents:

 

(a)a copy of the Registration Statement including the Prospectus Supplement; and

 

(b)a copy of the Current Report.

 

De Brauw Blackstone Westbroek N.V., Amsterdam, is registered with the Trade Register in the Netherlands under no. 27171912.

 

All services and other work are carried out under an agreement of instruction ("overeenkomst van opdracht") with De Brauw Blackstone Westbroek N.V. The agreement is subject to the General Conditions, which have been filed with the register of the District Court in Amsterdam and contain a limitation of liability.

 

Client account notaries ING Bank IBAN NL83INGB0693213876 BIC INGBNL2A.

 

 

 

 

 

4Assumptions

 

I have made the following assumptions:

 

(a)each copy document conforms to the original and each original is genuine and complete; and

 

(b)the documents listed in paragraph 3 have been or will be filed with the SEC in the form referred to in this opinion.

 

5Opinion

 

Based on the documents referred to and assumptions made in paragraphs 3 and 4 and subject to any matters not disclosed to me, I am of the following opinion:

 

5.1The statements in the Prospectus Supplement under the heading "Material Dutch Tax Considerations", to the extent that they are statements as to Dutch Tax law, are correct.

 

6reliance

 

6.1This opinion is an exhibit to the Current Report and may be relied upon by Gibson, Dunn & Crutcher LLP for the purpose of the Registration. It may not be supplied, and its contents or existence may not be disclosed, to any person other than as an exhibit to (and therefore together with) the Current Report and may not be relied upon for any purpose other than the Registration.

 

6.2By accepting this opinion, each person accepting this opinion agrees that:

 

(i)only De Brauw (and not any other person) will have any liability in connection with this opinion;

 

(ii)De Brauw's liability in connection with this opinion is limited to the amount that is paid out in the specific case under De Brauw's professional liability insurance, increased by the applicable deductible (eigen risico);

 

(iii)the agreement in this paragraph 6 and all liability and other matters relating to this opinion will be governed exclusively by Dutch law and the Dutch courts will have exclusive jurisdiction to settle any dispute relating to it;

 

(iv)this opinion may be signed with an electronic signature. This has the same effect as if signed with a handwritten signature; and

 

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(v)the agreements in this paragraph 6 apply in addition to, and do not set aside, De Brauw's terms and conditions of business.

 

6.3The Issuer may:

 

(i)file this opinion as an exhibit to the Current Report; and

 

(ii)refer to De Brauw giving this opinion under the heading "9.01 Financial Statements and Exhibits" in the Current Report.

 

The previous sentence is no admittance from me (or De Brauw) that I am (or De Brauw is) in the category of persons whose consent for the filing and reference as set out in that sentence is required under Section 7 of the Securities Act or any rules or regulations of the SEC promulgated under it.

 

(signature page follows)

 

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Yours faithfully,  
De Brauw Blackstone Westbroek N.V.  
   
/s/ Henk van Ravenhorst  
Henk van Ravenhorst  

 

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Annex – Definitions

 

In this opinion:

 

"Current Report" means the Issuer's current report on Form 8-K dated 15 May 2025, reporting the issue of the Notes (excluding any documents incorporated by reference into the report and any exhibits to the report).

 

"De Brauw" means De Brauw Blackstone Westbroek N.V.

 

"Dutch law" means the law directly applicable in the Netherlands.

 

"Dutch Tax" means any taxes of any nature levied by or on behalf of the Netherlands or any of its subdivisions or taxing authorities.

 

"Issuer" means LYB International Finance III, LLC, with seat in Delaware, United States of America.

 

"Notes" means the USD 500,000,000 6.150% Guaranteed Notes issued by the Issuer due 2035.

 

"Prospectus Supplement" means the prospectus supplement dated 6 May 2025 for the Notes.

 

"Registration" means the registration by the Issuer of the Notes with the SEC under the Securities Act.

 

"Registration Statement" means the registration statement on Form S-3 dated 12 December 2024, as amended and supplemented, and relating to the registration by the Issuer of the Notes under the Securities Act (including the Prospectus Supplement, but excluding any documents incorporated by reference in it and any exhibits to it).

 

"SEC" means the U.S. Securities and Exchange Commission.

 

"Securities Act" means the U.S. Securities Act of 1933, as amended.

 

"the Netherlands" means the part of the Netherlands located in Europe.

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