Celanese Corporation has announced the early results of its tender offers for its 4.777% senior notes due 2026 (EUR Notes) and 6.415% senior notes due 2027 (USD Notes). The company has received €552,082,000 of the EUR Notes and $1,354,646,000 of the USD Notes, which were validly tendered prior to or at the early tender time and not validly withdrawn.
The tender offers have been oversubscribed, with the USD Notes having a proration factor of 36.40%. As a result, the company does not expect to accept for purchase any notes validly tendered after the early tender time.
The interest rate payable on the EUR Notes will be 5.277% as of the next interest payment date, while the interest rate payable on the USD Notes has increased by 0.250% from the original stated coupon of 6.165%.
The company is amending the tender offers to increase each series cap, allowing for the acceptance of up to €552,082,000 aggregate principal amount of EUR Notes and $500,000,000 aggregate principal amount of USD Notes validly tendered and not validly withdrawn as of the early tender time.
The total consideration for each €1,000 or $1,000 principal amount of notes validly tendered and accepted for purchase will be determined in the manner described in the offer to purchase. The company expects to announce the pricing of the tender offers and the amount of notes accepted for purchase promptly following the price determination time, with an early settlement date of March 21, 2025.
The financing condition for the tender offers has been satisfied, and the company has retained J.P. Morgan Securities PLC as lead dealer manager for the EUR Notes and J.P. Morgan Securities LLC as lead dealer manager for the USD Notes.
The market has reacted to these announcements by moving the company's shares -1.8% to a price of $56.19. If you want to know more, read the company's complete 8-K report here.
