by Stephen Carter
Mar 05, 2025 8:15 AM ET
+++Corrects US$ co-manager: StanChart (not Standard)+++
Celanese US Holdings LLC (CE) approx US$2.035bn equivalent (US$/EUR) SEC registered sr notes 3-part. Existing Ba1/BB+/BBB- (negative/stable/negative). Via JPM lead left and sole physical books. US$ jt books: BofA/HSBC/Citi/DB/TD/TSI/GS/USB; US$ co-managers: MS, MUFG, PNC, SMBC, StanChart, UniCredit. EUR jt books: Citi/DB/BofA/HSBC/MUFG/UniCredit/PNC/SMBC; EUR co-managers: MS, Regions, Santander, TD, TSI, USB. Settles 03/14 (T+6).
- US$500m sr notes due 2030 (5y). NC2. IPT: 25-37.5bp inside the 8y tranche.
- US$1bn sr notes due 2033 (8y). NC3. IPT: 7% area.
- EUR500m sr notes due 2031 (6y). NC2.5. IPT: 5.25% area.
Investor call at 11am NYT / 4pm UKT 03/05 (also did investor calls and group meetings 03/03-04). Pricing 03/06. UOP: along with available credit facilities, to repay its US$1bn 6.05% sr notes due 02/15/25 (MWC T+50bp), pay down various credit facilities, fund the partial tender offers for up to EUR500m of its EUR1bn 4.77% sr notes due 07/19/26 (fixed spread +60bp vs interpolated mid-swap rate, includes EUR50 early tender premium) and up to US$250m of its US$2bn 6.415% sr notes due 07/15/27 (fixed spread +106bp vs UST 4.125% 02/28/27, includes US$50 early tender premium), JPM dealer manager. Biz: a global integrated producer of chemicals and advanced materials. HQ: Irving, TX.
Deal Roadshow Direct Link: https://dealroadshow.com/e/WHIRL2025 (available 10 minutes prior) (Entry code: WHIRL2025).