Celanese closes $3B note offering; upsizes tender to $2.25B, oversubscribed

Celanese Corp

Celanese US issued $1B each of 6.35% 2028, 6.55% 2030, and 6.70% 2033 Senior Notes, total $3B.
Net proceeds to fund tender for up to $2.25B of existing notes and repay $750M term loan due 2025.
Tender offer upsized to $2.25B max; $2.734B tendered early, only $2.25B accepted due to oversubscription.
Early acceptance: $1.473B of 5.9% 2024 notes (100%), $750M of 6.05% 2025 notes (73%), $27.1M of 3.5% 2024 notes.
Early settlement expected Aug 25, 2023; no further tender acceptances anticipated.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Celanese Corp entered into Fourteenth Supplemental Indenture with Wells Fargo Bank, National Association; U.S. Bank Trust Company, National Association; Computershare Trust Company, N.A. valued at $1,000,000,000 aggregate principal amount of its 6.350% Senior Notes due 2028, $1,000,000,000 aggreg (effective 2023-08-24).

Action: entry
Agreement: notes offering
Counterparty: Wells Fargo Bank, National Association; U.S. Bank Trust Company, National Association; Computershare Trust Company, N.A.
Value: $1,000,000,000 aggregate principal amount of its 6.350% Senior Notes due 2028, $1,000,000,000 aggreg
Effective: 2023-08-24

Exact text from the filing

On August 24, 2023, Celanese US Holdings LLC (“Celanese US”), a wholly owned subsidiary of Celanese Corporation (the “Company”), completed its registered offering (the “Offering”) of $1,000,000,000 aggregate principal amount of its 6.350% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 aggregate principal amount of its 6.550% Senior Notes due 2030 (the “2030 Notes”), and $1,000,000,000 aggregate principal amount of its 6.700% Senior Notes due 2033 (the “2033 Notes” and together with the 2028 Notes and the 2030 Notes, the “Notes”).

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Celanese Corp filing history →

Source: SEC EDGAR

accession 0001104659-23-094916

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