Celanese files IPO; portion of proceeds earmarked to repay discount notes

By Ted A. Knutson

Washington, Nov. 3 - Celanese Corp. filed for a $750 million initial public offering Wednesday, promising to use an unspecified portion of the proceeds to repay a portion of senior discount notes issued by subsidiaries, according to an S-1 registration with the Securities and Exchange Commission

The company noted in September its Crystal US Holdings 3 LLC and Crystal US Sub 3 Corp., a subsidiary of Crystal LLC units, issued $853 million principal amount of senior discount notes due 2014

The IPO underwriters were not named.

Celanese's debt service requirements consist of $202 million principal repayments over the next five years and $2.907 billion after that, including $127 million of accreted value on the senior discount notes, and annual cash interest payments in excess of $200 million in each of the next five years

Dallas-based Celanese is an international chemicals supplier.

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