Celanese Corp Inks New Debt Agreements, Files 8-K

TL;DR

**Celanese just locked in new Euro-denominated debt, signaling active balance sheet management.**

AI Summary

Celanese Corp filed an 8-K on February 20, 2024, reporting on events that occurred on February 16, 2024. The filing details the entry into a material definitive agreement and the creation of a direct financial obligation. This includes information related to various Euro-denominated senior unsecured notes due between 2025 and 2029.

Why It Matters

This filing indicates Celanese Corp is actively managing its debt structure, which can impact its financial flexibility and future capital allocation strategies.

Risk Assessment

Risk Level: medium — The creation of new financial obligations, while common, always carries inherent risks related to interest rate changes and repayment capacity.

Key Players & Entities

• Celanese Corp (company) — filer of the 8-K
• February 20, 2024 (date) — filing date of the 8-K
• February 16, 2024 (date) — conformed period of report
• 2025 (date) — maturity year for EUR Senior Unsecured Notes
• 2026 (date) — maturity year for EUR Senior Unsecured Notes
• 2027 (date) — maturity year for EUR Senior Unsecured Notes
• 2028 (date) — maturity year for EUR Senior Unsecured Notes
• 2029 (date) — maturity year for EUR Senior Unsecured Notes

FAQ

Key Financial Figures

• $0.0001 — ich Registered Common Stock, par value $0.0001 per share CE The New York Stock Exchang
• $700 million — ubsidiaries for corporate purposes from $700 million to $900 million. The foregoing descrip
• $900 million — corporate purposes from $700 million to $900 million. The foregoing description does not co

Filing Documents

• ce-20240216.htm (8-K) — 38KB
• a202402168-kex101.htm (EX-10.1) — 135KB
• a202402168-kex102.htm (EX-10.2) — 126KB
• 0001306830-24-000014.txt ( ) — 516KB
• ce-20240216.xsd (EX-101.SCH) — 4KB
• ce-20240216_def.xml (EX-101.DEF) — 17KB
• ce-20240216_lab.xml (EX-101.LAB) — 36KB
• ce-20240216_pre.xml (EX-101.PRE) — 18KB
• ce-20240216_htm.xml (XML) — 7KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement Amendments to Credit Agreements On February 16, 2024, Celanese US Holdings LLC ("Celanese US"), a wholly-owned subsidiary of Celanese Corporation (the "Company") entered into (a) a Third Amendment to Credit Agreement (the "Amendment to the March 2022 Term Loan Credit Agreement"), which amends the Term Loan Credit Agreement, dated as of March 18, 2022, by and among the Company, Celanese US, the subsidiaries of the Company party thereto as guarantors, the lenders party thereto and Bank of America, N.A., as Administrative Agent (as amended, restated, supplemented or otherwise modified prior to February 16, 2024, the "March 2022 Term Loan Credit Agreement"), and (b) a Second Amendment to Credit Agreement (the "Amendment to the Revolving Credit Agreement" and, together with the Amendment to the March 2022 Term Loan Credit Agreement, the "Amendments"), which amends the Revolving Credit Agreement, dated as of March 18, 2022, by and among the Company, Celanese US, Celanese Europe B.V., as a borrower, the subsidiaries of the Company party thereto as guarantors, the lenders party thereto and Bank of America, N.A., as Administrative Agent (as amended, restated, supplemented or otherwise modified prior to February 16, 2024, the "Revolving Credit Agreement" and, together with the March 2022 Term Loan Credit Agreement, the "Credit Agreements"). The Amendments (i) increase the consolidated net leverage ratio financial covenant level applicable under the Credit Agreements from the fiscal quarter ending June 30, 2024 through the fiscal quarter ending March 31, 2026 (the "Covenant Relief Period"), to initially 5.00:1.00, and provides for modified step-down levels for such covenant thereafter, (ii) permit Celanese US to elect to terminate the Covenant Relief Period and the restrictions thereunder if the consolidated net leverage ratio financial covenant level applicable under the Credit Agreements as of any fiscal quarter end is

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) The following exhibits are being furnished herewith: Exhibit Number Description 10.1 Second Amendment to Credit Agreement, dated as of February 16, 2024, by and among Celanese Corporation, Celanese US Holdings LLC, Celanese Europe B.V., the subsidiary guarantors party thereto, each lender party thereto, and Bank of America, N.A., as Administrative Agent, amending that certain Credit Agreement dated as of March 18, 2022. 10.2 Third Amendment to Credit Agreement, dated as of February 16, 2024, by and among Celanese Corporation, Celanese US Holdings LLC, the subsidiary guarantors party thereto, each lender party thereto, and Bank of America, N.A., as Administrative Agent, amending that certain Term Loan Credit Agreement dated as of March 18, 2022. 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document contained in Exhibit 101) 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CELANESE CORPORATION By: /s/ Michael R. Sullivan Name: Michael R. Sullivan Title: Vice President, Deputy General Counsel and Corporate Secretary Date: February 20, 2024 3

View Full Filing

View this 8-K filing on SEC EDGAR