LyondellBasell Streamlines Receivables Financing with Sumitomo Mitsui Assignment

Deal overview On May 29, 2026 (effective June 26, 2026), LYB Receivables LLC (the Seller) executed an amendment to the Receivables Purchase Agreement (RPA) originally dated September 11, 2012. The amendment adds Sumitomo Mitsui Banking Corp. (SMBC) as the new Assignee Purchaser Agent, replacing SMBC Nikko Securities America, Inc., which exits the transaction without recourse. The other core parties – Lyondell Chemical Company (Servicer), Mizuho Bank, Ltd. (Letter of Credit issuer, Administrator and Purchaser Agent), the Conduit Purchasers, Related Committed Purchasers, LC Participants and the Payoff Parties (MUFG Bank, Ltd. and Gotham Funding Corp.) – remain unchanged.

Key terms - Effective date: June 26, 2026, when the assignment and related fee and payoff agreements become operative. - Assignment scope: SMBC Nikko transfers all rights and obligations under the Transaction Documents to Sumitomo Mitsui Banking Corp. The assignee assumes no liability for any breach that occurred before the effective date. - Fee structure: An Amended and Restated Fee Letter, also effective June 26, 2026, confirms the amounts owed to the new purchaser‑agent and updates fee calculations. - Payoff termination: A Payoff and Release Agreement, effective the same day, pays off and releases the Payoff Parties from any remaining commitments. - Continuity provisions: The amendment ratifies all prior representations, warranties and covenants, confirming that no termination events exist and that the original RPA, as amended, remains in full force. - Governing law: New York State law, with the usual carve‑outs from the General Obligations Law.

Strategic rationale The reassignment centralizes the purchaser‑agent function under a single, globally recognized banking institution, simplifying administration and potentially lowering transaction costs. By removing SMBC Nikko, LyondellBasell reduces the number of counterparties involved in its receivables financing program, which supports ongoing liquidity for its chemical operations. The concurrent payoff agreement eliminates lingering obligations to MUFG Bank and Gotham Funding, clearing the balance sheet of legacy commitments.

Market reaction LyondellBasell’s stock opened at $66.64, slipping 2.51% on the day. While the amendment does not alter the overall size of the receivables facility, analysts noted that the streamlined structure could improve operational efficiency and reduce administrative risk, a modest positive for shareholders amid a broader market rally (+0.23% S&P 500).

Regulatory outlook The amendment does not trigger any new regulatory approvals beyond standard filing requirements, as the underlying financing arrangement remains unchanged.

Overall, the eighth amendment reflects LyondellBasell’s ongoing effort to optimize its working‑capital financing while maintaining the flexibility needed to support its global petrochemical business.