Celanese Corporation announces the early results and upsizing of tender offers for its 6.665% Senior Notes due 2027 and 6.850% Senior Notes due 2028.
The company's subsidiary, Celanese US Holdings LLC, aims to purchase a total of $1,200,106,000 of notes, up from the initial amount.
Validly tendered notes include $946,106,000 of 6.665% Senior Notes due 2027 and $675,185,000 of 6.850% Senior Notes due 2028.
Tender Offers Upsized
The Maximum Tender Amount and Series Cap have been increased to accept up to $1.2 billion of notes, showcasing investor interest.
Interest Rate Increase
Following the next interest payment date, interest rates for the notes will rise to 7.165% for 2027 Notes and 7.350% for 2028 Notes.
Fully Subscribed Tender Offers
With amounts tendered surpassing expectations, the company does not anticipate accepting more notes post the Early Tender Time.
- Investor Interest: The increased Maximum Tender Amount and Series Cap signal strong interest from investors in Celanese's offered notes.
- Financial Implications: The rise in interest rates after the next payment date will affect the company's interest expenses on the 2027 and 2028 Notes.
Celanese's successful tender offer results reflect positive market reception and investor confidence in the company's financial stability.