MOSCOW (MRC) -- US-based Celanese Corporation, a global technology and specialty materials company, has announced that its wholly-owned subsidiary, Celanese US Holdings LLC (the "Issuer"), intends to offer EUR300 million aggregate principal amount of senior notes due 2019 (the "Notes"), as per Celanease's press release.
The Notes will be senior unsecured obligations of the Issuer and will be guaranteed by the company and certain of the Issuer's US subsidiaries.
The company intends to use the net proceeds from the offering, together with cash on hand, to redeem the Issuer's USD600 million aggregate principal outstanding of its 6.625% Senior Notes due 2018.
Concurrent with this offering, the company intends to amend and restate its existing senior credit facility, which is expected to include increasing the size of the revolver, extending the maturity date of the revolver and extending the maturity date of all or a portion of the term loan facilities.
As MRC informed previously, Celanese is attempting to sell its vinyl acetate monomer (VAM) unit in Tarragona, Spain. The capacity of the VAM unit is 200,000 tpy. Celanese said it is committed to taking the appropriate time to find a "credible buyer" for the unit, with primary focus on industrial candidates. To help with the sales process, Celanese has hired Paris-based consultancy JH Lillian & Co., an advisory firm specializing in the chemicals industry.
Celanese said the decision to sell the plant was driven by a recently completed assessment of the company's overall corporate strategy, which included an assessment of the company’s global manufacturing facilities.
Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications.
MRC