Commentary & Deal Flow

Celanese US Holdings LLC (CE) approx US$2.65bn (up from approx US$2.5bn, and approx US$2.035bn) equivalent (US$/EUR) SEC registered sr notes 3-part. 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).

- US700m (from US$500m) sr notes due 04/15/30 (5y). NC2 (04/15/27) (MWC T+50bp), then at 103.25, 101.625, 100. Equity claw: 2y 40% at 106.50. CoC at 101. CUSIP: 15089QAZ7. IPT: 25-37.5bp inside the 8y tranche. Price talk: 6.50%-6.75%. Launched: US$700m at 6.50%. Priced: 6.50% at 100. +243bp vs 4.00% 02/28/30.

- US$1.1bn (from US$1bn) sr notes due 04/15/33 (8y). NC3 (04/15/28) (MWC T+50bp), then at 103.375, 101.688, 100. Equity claw: 3y 40% at 106.74. CoC at 101. CUSIP: 15089QBA1. IPT: 7% area. Price talk: 6.75%-7.00%. Launched: US$1.1bn at 6.75%. Priced: 6.75% at 100. +252bp vs 3.50% 02/15/33.

- EUR750m (from EUR500m) sr notes due 04/15/31 (6y). NC2.5 (10/15/27) (MWC B+50bp), then at 102.50,  101.25, 100. Equity claw: 2.5y at 105.000. CoC at 101. List NYSE. NY law. CUSIP: XS3023780375. IPT: 5.25% area. Price talk: 5.00%-5.25%. Launched: EUR750m at 5.00%. Priced: 5.00% at 100. +248bp vs DBR 0.00% 02/15/31.

US$650m upsize for GCP, including repaying additional amounts of credit facilities and/or bond with near-term maturities.

Did investor call at 11am NYT / 4pm UKT 03/05 (also did investor calls and group meetings 03/03-04). Books closed at 10am NYT / 3pm UKT 03/06. UOP: along with $500m delayed draw term loan due March 2026, to repay its US$1bn 6.05% sr notes due 02/15/25 (MWC T+50bp), pay down various credit facilities (partially repay $400m of its $880m term loan due 2027, pay down the $300m drawn on its revolver), 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).