DALLAS--(BUSINESS WIRE)--Celanese Corporation (NYSE:CE), a global chemical and specialty materials company, announced that its subsidiary, Celanese US Holdings LLC, has completed a registered offering of $500 million of U.S. dollar-denominated Senior Notes due in 2024 (the “Notes”). The company simultaneously entered into a cross-currency swap to effectively convert the Notes into a euro-denominated borrowing.
The net borrowing rate to the company will be 1.03%, comprised of the 3.52% yield on the Notes, minus the impact of the currency swap. Proceeds from the Notes will be used to refinance existing shorter term euro-denominated debt. The Notes are guaranteed on a senior unsecured basis by the company and certain Celanese domestic subsidiaries, similar to prior issuances.
“This deal is another transaction that will extend our debt maturity profile, while at the same time reducing our interest expense. The consistent improvement in our business performance is reflected in an improved credit profile and credit rating, allowing us to extend our debt maturities at lower borrowing costs,” said Scott Richardson, Senior Vice President and Chief Financial Officer.
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. Our businesses use the full breadth of Celanese's global chemistry, technology and commercial expertise to create value for our customers, employees, shareholders and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,700 employees worldwide and had 2018 net sales of $7.2 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com or our blog at www.celaneseblog.com.
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