HUNT VALLEY, Md., Oct. 1, 2004 (PRIMEZONE) -- Millennium Chemicals (NYSE:MCH) announced today that, pursuant to the terms of the Indenture, dated as of November 25, 2003, among Millennium Chemicals Inc., Millennium America Inc., as guarantor, and The Bank of New York, as trustee, governing Millennium Chemicals' 4% Convertible Senior Debentures, the Debentures are currently convertible into shares of Millennium Chemicals' common stock under Section 15.01(a)(i) of the Indenture. That section provides that the Debentures will become convertible if the last reported sale price (as defined in the Indenture) of the common stock for at least twenty trading days during the period of thirty consecutive trading days ending on the first trading day of a fiscal quarter exceeds 125% of the conversion price on such trading day. During the thirty consecutive trading days ending on October 1, 2004, the last reported sale price of the common stock was greater than 125% of the current conversion price per share of common stock for at least twenty trading days.
Millennium Chemicals (website: www.millenniumchem.com) is a major international chemicals company, with leading market positions in a broad range of commodity, industrial, performance and specialty chemicals.
Millennium Chemicals is:
-- The second-largest producer of TiO2 in the world, the largest
merchant seller of titanium tetrachloride and a major producer
of silica gel and cadmium/based pigments;
-- The second-largest producer of acetic acid and vinyl acetate
monomer in North America;
-- A leading producer of terpene-based fragrance and flavor
chemicals; and,
-- Through its 29.5% interest in Equistar Chemicals, LP, a partner
in the second-largest producer of ethylene and third-largest
producer of polyethylene in North America, and a leading producer
of performance polymers, oxygenated chemicals, aromatics and
specialty petrochemicals.