Celanese refinances with $1.5 billion five-year term loan, revolver

By Susanna Moon

Chicago, July 18 – Celanese Corp. said it obtained a $1.5 billion five-year credit facility consisting last Friday of a $500 million unsecured term loan and a $1 billion unsecured revolver.

The facility replaces a secured credit facility, which was terminated accordingly.

“This transaction represents a key step in the progression toward our goal of an investment-grade credit rating,” Chris Jensen, the company’s chief financial officer, said in the press release.

The facility matures in July 2021.

The company announced plans to refinance the facility on June 16, adding that it planned to maintain a targeted leverage ratio of gross debt to EBITDA of 2 times or lower on a long-term basis.

Celanese is a Dallas-based producer of specialty and intermediate chemical products.

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