Celanese amends credit agreements to relax net leverage covenant through March 2026 and increase debt baskets by $200M

Celanese Corp

Net leverage covenant set at 5.00:1.00 from June 30, 2024 to March 31, 2026, then steps down to 3.50:1.00.
Celanese US may elect to end Covenant Relief Period if quarterly net leverage is not greater than 3.50:1.00.
Debt baskets for foreign subsidiary acquisitions and Chinese subsidiary debt increased from $700M to $900M.
Amendments dated February 16, 2024; affect March 2022 Revolving and Term Loan Credit Agreements.
Covenant Relief Period now ends on delivery of Compliance Certificate for fiscal quarter ending March 31, 2026.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Celanese Corp entered into Third Amendment to Credit Agreement (March 2022 Term Loan Credit Agreement) with Bank of America, N.A. valued at amends March 2022 Term Loan Credit Agreement; increases leverage covenant levels to 5.00:1.00 and co (effective 2024-02-16).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A.
Value: amends March 2022 Term Loan Credit Agreement; increases leverage covenant levels to 5.00:1.00 and co
Effective: 2024-02-16

Exact text from the filing

On February 16, 2024, Celanese US Holdings LLC (“Celanese US”), a wholly-owned subsidiary of Celanese Corporation (the “Company”) entered into (a) a Third Amendment to Credit Agreement (the “Amendment to the March 2022 Term Loan Credit Agreement”), which amends the Term Loan Credit Agreement, dated as of March 18, 2022, by and among the Company, Celanese US, the subsidiaries of the Company party thereto as guarantors, the lenders party thereto and Bank of America, N.A., as Administrative Agent

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Celanese Corp entered into Second Amendment to Credit Agreement (Revolving Credit Agreement) with Bank of America, N.A. valued at amends Revolving Credit Agreement dated March 18, 2022; increases leverage covenant levels to 5.00:1 (effective 2024-02-16).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A.
Value: amends Revolving Credit Agreement dated March 18, 2022; increases leverage covenant levels to 5.00:1
Effective: 2024-02-16

Exact text from the filing

(b) a Second Amendment to Credit Agreement (the “Amendment to the Revolving Credit Agreement” and, together with the Amendment to the March 2022 Term Loan Credit Agreement, the “Amendments”), which amends the Revolving Credit Agreement, dated as of March 18, 2022, by and among the Company, Celanese US, Celanese Europe B.V., as a borrower, the subsidiaries of the Company party thereto as guarantors, the lenders party thereto and Bank of America, N.A., as Administrative Agent

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24 material agreements filed in the last 30 days. Browse all material agreements →

Celanese Corp filing history →

Source: SEC EDGAR

accession 0001306830-24-000014

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