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<B><P ALIGN="CENTER">UNITED STATES</P>


<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>


<P ALIGN="CENTER">Washington, D.C. 20549</P>


</B><P ALIGN="CENTER"></P>


<B><P ALIGN="CENTER">FORM 8-K</P>


<P ALIGN="CENTER"></P>


</B><P ALIGN="CENTER">Current Report </P>


<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of the</P>


<P ALIGN="CENTER">Securities Exchange Act of 1934</P>


<P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">Date of Report (date of earliest event reported): May 24, 2006</P>


<P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P>


<B><FONT SIZE=5><P ALIGN="CENTER">MILLENNIUM CHEMICALS INC.</P>


</B></FONT><P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</P>


<P ALIGN="CENTER"></P>


<B><P ALIGN="CENTER">Delaware</P>


</B><P ALIGN="CENTER">(State or other jurisdiction of incorporation)</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<B>1-12091&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;22-3436215</P>


</B><P ALIGN="JUSTIFY">(Commission File Number)&#9;&#9;&#9;&#9;&#9;(I.R.S. Employer Identification No.)</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<B><P ALIGN="JUSTIFY">Two Greenville Crossing, 4001 Kennett Pike, Suite 238 Greenville, Delaware&#9;&#9;19807</P>


</B><P ALIGN="JUSTIFY"> (Address of principal executive offices)&#9;&#9;&#9;&#9;&#9;&#9;      (Zip Code)</P>


<P ALIGN="JUSTIFY"></P>


<B><P ALIGN="CENTER">(713) 652-7200</P>


</B><P ALIGN="CENTER">(Registrant's telephone number, including area code)</P>


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<B><P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">1221 McKinney Street, Suite 700, Houston, Texas 77010</P>


</B><P ALIGN="CENTER">(Former Name or Former Address, if Changed Since Last Report)</P>


<P ALIGN="CENTER"></P>


<P ALIGN="JUSTIFY">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 (<I>see </I>General Instruction A.2. below):</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<FONT FACE="Wingdings">&#111;</FONT>


&#9;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<FONT FACE="Wingdings">&#111;</FONT>


&#9;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<FONT FACE="Wingdings">&#111;</FONT>


&#9;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<FONT FACE="Wingdings">&#111;</FONT>


&#9;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>


<P ALIGN="JUSTIFY">The description set forth below is qualified in its entirety by the full text of the respective document to which it refers, which document is filed herewith.</P>


<B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Item 1.01&#9;Entry into a Material Definitive Agreement</P>


<P ALIGN="JUSTIFY"></P>


</B><P>Effective May 24, 2006, Millennium Chemicals Inc. (the &quot;Company&quot;), Millennium America Inc., a U.S. subsidiary of the Company (&quot;Millennium America&quot;), and Millennium Inorganic Chemicals Ltd, an Australian subsidiary of the Company (&quot;MIC Ltd&quot;), entered into an amendment (the &quot;Amendment&quot;) to the Credit Agreement (the &quot;Credit Agreement&quot;), dated August 22, 2005, among the Company, Millennium America, MIC Ltd, the lenders party thereto including Bank of America, N.A. as Syndication Agent, JPMorgan Chase Bank, N.A. as Administrative Agent and Collateral Agent, and J.P. Morgan Securities Inc. and Banc of America Securities LLC as Co-Lead Arrangers and Joint Bookrunners.  The Amendment primarily revised the Credit Agreement to exclude Millennium Holdings, LLC and its subsidiaries (collectively, &quot;Millennium Holdings&quot;), a subsidiary of the Company, from events-of-default provisions that could be triggered in connection with judgments against Millennium Holdings.<A NAME="OLE_LINK1"><A NAME="OLE_LINK2">  The Amendment is being filed with this Current Report on Form 8-K as Exhibit 4.4(a).</P>


<P ALIGN="JUSTIFY"></P>


<B><P ALIGN="JUSTIFY"></A></A>Item 2.03&#9;Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">See Item 1.01 above.</P>


<P ALIGN="JUSTIFY"></P>


<B><P ALIGN="JUSTIFY">Item 9.01&#9;Financial Statements and Exhibits</P>


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</B><P ALIGN="JUSTIFY"><LI>Exhibits</LI></P></OL>


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<P ALIGN="JUSTIFY">4.4(a)&#9;Amendment No. 1 dated as of May 23, 2006 to Credit Agreement, dated August 22, 2005, among Millennium America Inc., as Borrower, Millennium Inorganic Chemicals Ltd, as Borrower, Millennium Chemicals Inc., as Guarantor, the lenders from time to time party thereto, Bank of America, N.A., as Syndication Agent, JP Morgan Chase Bank, N.A. as Administrative Agent and Collateral Agent and JP Morgan Securities Inc. and Banc of America Securities LLC as Co-Lead Arrangers and Joint Bookrunners</P>


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<B><P ALIGN="CENTER">SIGNATURE</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">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.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;&#9;&#9;&#9;&#9;&#9;&#9;MILLENNIUM CHEMICALS INC.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&#9;&#9;&#9;&#9;&#9;&#9;&#9;By:<U>/s/ Kerry A. Galvin&#9;&#9;&#9;</P>


</U><P ALIGN="JUSTIFY">&#9;&#9;&#9;&#9;&#9;&#9;&#9;Name:&#9;Kerry A. Galvin</P>


<P ALIGN="JUSTIFY">&#9;&#9;&#9;&#9;&#9;&#9;&#9;Title:&#9;Senior Vice President &amp; General &#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;Counsel</P>


<P ALIGN="JUSTIFY">&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">Date:  May 24, 2006</P>


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</FONT><B><P ALIGN="CENTER">INDEX TO EXHIBITS</P>


</B><P ALIGN="CENTER"></P>


<P>Exhibit</P>


<U><P>Number</U>&#9;&#9;<U>Description</P>


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</U><P ALIGN="JUSTIFY">4.4(a)&#9;Amendment No. 1 dated as of May 23, 2006 to Credit Agreement, dated August 22, 2005, among Millennium America Inc., as Borrower, Millennium Inorganic Chemicals Ltd, as Borrower, Millennium Chemicals Inc., as Guarantor, the lenders from time to time party thereto, Bank of America, N.A., as Syndication Agent, JP Morgan Chase Bank, N.A. as Administrative Agent and Collateral Agent and JP Morgan Securities Inc. and Banc of America Securities LLC as Co-Lead Arrangers and Joint Bookrunners</P>


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{"company-data": {"conformed-name": "MILLENNIUM CHEMICALS INC", "cik": "0001018099", "assigned-sic": "2810", "irs-number": "223436215", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12091", "film-number": "06868956"}, "business-address": {"street1": "TWO GREENVILLE CROSSING", "street2": "4001 KENNETT PIKE, SUITE 238", "city": "GREENVILLE", "state": "DE", "zip": "19807", "phone": "713-652-7200"}, "mail-address": {"street1": "TWO GREENVILLE CROSSING", "street2": "4001 KENNETT PIKE, SUITE 238", "city": "GREENVILLE", "state": "DE", "zip": "19807"}}
SECURITIES AND EXCHANGE COMMISSION
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 24, 2006
MILLENNIUM CHEMICALS INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-12091								22-3436215
(Commission File Number)					(I.R.S. Employer Identification No.)
Two Greenville Crossing, 4001 Kennett Pike, Suite 238 Greenville, Delaware		19807
(Address of principal executive offices)						      (Zip Code)
(713) 652-7200
(Registrant's telephone number, including area code)
1221 McKinney Street, Suite 700, Houston, Texas 77010
(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 (
see
General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
The description set forth below is qualified in its entirety by the full text of the respective document to which it refers, which document is filed herewith.
Item 1.01	Entry into a Material Definitive Agreement
Effective May 24, 2006, Millennium Chemicals Inc. (the "Company"), Millennium America Inc., a U.S. subsidiary of the Company ("Millennium America"), and Millennium Inorganic Chemicals Ltd, an Australian subsidiary of the Company ("MIC Ltd"), entered into an amendment (the "Amendment") to the Credit Agreement (the "Credit Agreement"), dated August 22, 2005, among the Company, Millennium America, MIC Ltd, the lenders party thereto including Bank of America, N.A. as Syndication Agent, JPMorgan Chase Bank, N.A. as Administrative Agent and Collateral Agent, and J.P. Morgan Securities Inc. and Banc of America Securities LLC as Co-Lead Arrangers and Joint Bookrunners.  The Amendment primarily revised the Credit Agreement to exclude Millennium Holdings, LLC and its subsidiaries (collectively, "Millennium Holdings"), a subsidiary of the Company, from events-of-default provisions that could be triggered in connection with judgments against Millennium Holdings.
The Amendment is being filed with this Current Report on Form 8-K as Exhibit 4.4(a).
Item 2.03	Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
See Item 1.01 above.
Item 9.01	Financial Statements and Exhibits
Exhibits
4.4(a)	Amendment No. 1 dated as of May 23, 2006 to Credit Agreement, dated August 22, 2005, among Millennium America Inc., as Borrower, Millennium Inorganic Chemicals Ltd, as Borrower, Millennium Chemicals Inc., as Guarantor, the lenders from time to time party thereto, Bank of America, N.A., as Syndication Agent, JP Morgan Chase Bank, N.A. as Administrative Agent and Collateral Agent and JP Morgan Securities Inc. and Banc of America Securities LLC as Co-Lead Arrangers and Joint Bookrunners
SIGNATURE
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.
MILLENNIUM CHEMICALS INC.
By:
/s/ Kerry A. Galvin
Name:	Kerry A. Galvin
Title:	Senior Vice President & General 									Counsel
Date:  May 24, 2006
INDEX TO EXHIBITS
Exhibit
Number
Description
4.4(a)	Amendment No. 1 dated as of May 23, 2006 to Credit Agreement, dated August 22, 2005, among Millennium America Inc., as Borrower, Millennium Inorganic Chemicals Ltd, as Borrower, Millennium Chemicals Inc., as Guarantor, the lenders from time to time party thereto, Bank of America, N.A., as Syndication Agent, JP Morgan Chase Bank, N.A. as Administrative Agent and Collateral Agent and JP Morgan Securities Inc. and Banc of America Securities LLC as Co-Lead Arrangers and Joint Bookrunners