Celanese enters $1B term loan facility and amends leverage covenants

Celanese Corp

New $1.0B delayed-draw term loan facility due 364 days from borrowing, available through March 15, 2025.
Proceeds to repay existing note maturities due in Q1 2025.
Consolidated net leverage ratio covenant relaxed to 5.75:1.00 through March 2027, with step-downs.
Receivables financing basket reduced to $650M and general negative covenant baskets cut to 2.5% of net tangible assets during relief period.
Interest at Term SOFR plus 1.30%-2.25% or base rate plus 0.30%-1.25% based on debt rating.

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