By Devika Patel
Knoxville, Tenn., July 29 – Celanese US Holdings LLC sold $400 million of 1.4% five-year senior notes on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.899 to yield 1.421%, or 70 basis points over Treasuries.
BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., U.S. Bancorp Investments, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and MUFG were the joint bookrunners.
The notes will be guaranteed by parent company Celanese Corp. and by the issuer’s domestic subsidiaries that guarantee its obligations under its senior credit facilities.
Proceeds will be used to repay the company’s revolving credit facility, which had about $400 million of debt outstanding as of June 30 and was used to repay the company’s 5.875% senior notes due June 15, 2021 at their maturity. Any remaining proceeds from the new notes will be used for general corporate purposes.
Celanese is a chemical and specialty materials company based in Irvine, Tex.
| Issuer: | Celanese US Holdings LLC
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| Guarantors: | Celanese Corp. and domestic subsidiaries
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| Amount: | $400 million
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| Description: | Senior notes
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| Maturity: | Aug. 5, 2026
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| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., U.S. Bancorp Investments, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and MUFG
|
| Co-managers: | PNC Capital Markets LLC., SMBC Nikko Securities America, Inc. and UniCredit Capital Markets LLC
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| Coupon: | 1.4%
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| Price: | 99.899
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| Yield: | 1.421%
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| Spread: | Treasuries plus 70 bps
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| Call: | Make-whole call at Treasuries plus 15 bps until July 5, 2026, then a par call
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| Trade date: | July 29
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| Settlement date: | Aug. 5
|
| Distribution: | SEC registered
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| Cusip: | 15089QAK0
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