By Paul A. Harris
Portland, Ore., May 2 - Celanese US Holdings LLC priced a $400 million issue of non-callable 10-year senior notes (expected ratings Ba3/BB-) at par to yield 5 7/8% on Monday, according to an informed source.
The yield printed at the tight end of price talk, which had been set in the 6% area.
Merrill Lynch, Barclays Capital Inc., Deutsche Bank Securities Inc. HSBC, Morgan Stanley & Co. Inc. and RBS Securities Inc. were the joint bookrunners for the quick-to-market deal.
Proceeds, together with other available funds, will be used to repay bank debt.
Dallas-based Celanese makes specialty materials and chemical products.
| Issuer: | Celanese US Holdings LLC
|
| Amount: | $400 million
|
| Maturity: | June 15, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Merrill Lynch, Barclays Capital Inc., Deutsche Bank Securities Inc. HSBC, Morgan Stanley & Co. Inc., RBS Securities Inc.
|
| Co-managers: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc.
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Spread: | 259 bps
|
| Call protection: | Non-callable (Make-whole provision at Treasuries plus 50 bps)
|
| Change-of-control put: | 101%
|
| Expected ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | SEC registered
|
| Price talk: | 6% area
|
| Marketing: | Quick to market
|
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