Celanese prices an additional €1.5 billion in financing for the acquisition of DuPonts Mobility & Materials business

Dallas, TX – Celanese Corporation priced an additional €1.5 billion in permanent financing for the acquisition of a majority of DuPont’s Mobility & Materials business.

Celanese announced that its subsidiary, Celanese US Holdings LLC (the “Company”), has priced a registered offering (the “Offering”) of €1.5 billion aggregate principal amount of euro notes with 4-year and 6.5-year maturities at interest rates of 4.78% and 5.34%, respectively (the “Notes”). The Notes will be guaranteed on a senior unsecured basis by the Company and certain Celanese domestic subsidiaries, similar to prior issuances. The Offering is expected to close on or about July 19, 2022.

To date, Celanese has secured $10.5 billion in permanent financing for the acquisition at an effective net borrowing rate of approximately 5.4%, inclusive of the registered offering of $7.5 billion principal amount of U.S. dollar notes priced on July 7, 2022 and the euro currency swap entered into concurrently, these Notes, and, as announced in March 2022, the $1.5 billion of delayed draw term loan commitments under the Term Loan Credit Agreement dated March 18, 2022. The net borrowing rate includes an assumed interest rate on the delayed draw term loan based on the current interest rate forward curve.

“We are pleased to have secured permanent financing for the M&M acquisition,” said Scott Richardson, executive vice president and chief financial officer. “We were purposeful in optimizing the maturity profile of our debt to provide us with ample flexibility to rapidly deleverage over the next few years and to refinance at potentially lower borrowing rates in the future. We expect additional opportunities over the coming quarters for us to further reduce our borrowing rate by entering into additional cross-currency swaps to effectively convert more of our US dollar debt into lower interest rate currencies.”