Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Celanese Corporation    CE

CELANESE CORPORATION

(CE)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

CELANESE CORP : Entry into a Material Definitive Agreement (form 8-K)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/11/2019 | 04:13pm EST

Item 1.01 Entry into a Material Definitive Agreement

On January 7, 2019, Celanese US Holdings LLC ("Celanese US"), Celanese Europe B.V. and Elwood C.V. (collectively, the "Borrowers"), each a wholly owned subsidiary of Celanese Corporation (the "Company"), entered into a Credit Agreement (the "Credit Agreement") by and among the Company, the Borrowers, certain subsidiaries of Celanese US from time to time party thereto as borrowers, each lender from time to time party thereto, Bank of America, N.A., as Administrative Agent, a Swing Line Lender and an L/C Issuer and other Swing Line Lenders and L/C Issuers party thereto. The Credit Agreement is guaranteed by the Company, Celanese US and certain subsidiaries of Celanese US.

The Credit Agreement provides for a five-year $1.25 billion revolving credit facility, including a $200 million letter of credit sublimit (the "Revolving Facility"). The proceeds from $110 million of borrowings under the Revolving Facility were used to repay the Company's existing revolving credit facility.


Amounts outstanding under the Credit Agreement accrue interest at a rate equal
to either LIBOR plus a margin of 1.125% to
2.00% per annum or the base rate plus a margin of 0.125% to 1.00%, in each case,
based on the Company's senior unsecured
debt rating. Undrawn amounts under the Credit Agreement are subject to a
commitment fee of 0.10% to 0.35%.

The Credit Agreement contains certain covenants, which, among other things, require the maintenance of a consolidated leverage ratio, restrict certain merger transactions or the sale of all or substantially all of the assets of the Company or a significant subsidiary of the Company and limit the amount of liens and subsidiary indebtedness. Upon the occurrence of certain events of default, the Company's obligations under the Credit Agreement may be accelerated. Such events of default include payment defaults under the Credit Agreement, covenant defaults and other customary defaults.

The financial institutions party to the Credit Agreement have performed and may continue to perform commercial banking and financial services for the Company for which they have received and will continue to receive customary fees.

The foregoing description does not constitute a complete summary of the terms of the Credit Agreement and is qualified in its entirety by reference to the copy of the Credit Agreement filed as Exhibit 10.1 to this Current Report, which is incorporated herein by reference. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of a Registrant



The information included in Item 1.01 of this Current Report is incorporated by
reference into this Item 2.03.
Item 9.01   Financial Statements and Exhibits
(d) Exhibits
Exhibit
 Number    Description

10.1         Credit Agreement, dated as of January 7, 2019, by and among Celanese
           Corporation, Celanese US Holdings LLC, Celanese Europe B.V., Elwood
           C.V., certain subsidiaries of Celanese US Holdings LLC from time to
           time party thereto as borrowers, each lender from time to time party
           thereto, Bank of America, N.A., as Administrative Agent, a Swing Line
           Lender and an L/C Issuer and other Swing Line Lenders and L/C Issuers
           party thereto.




--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CELANESE CORPORATION
02/16CELANESE : Completes Acquisition Of Synthesis Gas Production Unit From Linde AG
AQ
02/15CELANESE : Announces Acetyl Intermediates Price Increases in China
PU
02/15CELANESE : S.C. Appeals Court Upholds $14M Asbestos Exposure Verdict Against Cel..
PR
02/15CELANESE CORPORATION : Ex-dividend day for
FA
02/14Number of Blocked Deals Falls as Companies Pre-empt Regulators
DJ
02/13CELANESE : Completes Acquisition of Synthesis Gas Production Unit from Linde AG
BU
02/11LINDE : FTC OKs Praxair and Linde Sale of Plant to Celanese
DJ
02/07CELANESE : Management's Discussion and Analysis of Financial Condition and Resul..
AQ
02/06CELANESE CORPORATION : Declares Quarterly Dividend of $0.54 Per Share
BU
01/31CELANESE : Announces Acetyl Intermediates Price Increases
BU
More news