LyondellBasell (LYB) Climbs 5% After $1.5-Billion Fundraising

We recently published Market in Turmoil but These 10 Stocks Are on Fire. LyondellBasell Industries NV (NYSE:LYB) is one of the best-performing stocks on Thursday.

Lyondell jumped by 5.10 percent on Thursday to close at $45.52 apiece as investors repositioned portfolios following the successful raising of $1.5 billion in fresh funds through two debt offerings.

Along with its wholly owned subsidiary, LYB International Finance III LLC, LyondellBasell Industries NV (NYSE:LYB) said that it completed the issuance of two notes—one worth $1 billion due 2036 and another $500 million to mature in 2031.

The 2036 notes carry an interest rate of 5.875 percent, while those that will mature in 2031 would yield 5.125 percent per annum.

According to LyondellBasell Industries NV (NYSE:LYB), proceeds from the offer will be used for general corporate purposes, including the repayment of certain guaranteed notes due in 2026 and 2027.

In other news, LyondellBasell Industries NV (NYSE:LYB) reported a dismal earnings performance in the third quarter of the year, having incurred a $890 million net loss, reversing a $573 million net income in the same period last year due to $1.2 billion charges from non-cash asset write-downs, transaction-related costs, and discontinued businesses, among others.

Sales and other operating revenues also dropped by 10 percent to $7.7 billion from $8.6 billion year-on-year.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.