Celanese Launches Unsecured Credit Facility to Refinance Existing Secured Loans; Targets Investment Grade Credit Rating
By Business Wire News
By Business Wire News
Celanese Corporation (NYSE: CE), a global technology and specialty materials company, today announced that it has launched a transaction to refinance its existing secured credit facility with a new credit facility consisting of an unsecured term loan and an unsecured revolver.
“In 2012, we established an objective of working towards investment grade. Since that time, we have driven significant earnings growth and have deleveraged our balance sheet, and our credit metrics are well within investment grade levels,” said Mark Rohr, chairman and chief executive officer. “Moving to an investment grade credit rating is a natural step in the evolution of Celanese. Maintaining a strong balance sheet will further enable our growth strategies, reinforce our disciplined M&A approach, support the execution of our shareholder cash return commitments and lower our cost of borrowing. We plan to maintain a targeted leverage ratio of gross debt to EBITDA of 2.0 or lower on a long-term basis,” said Rohr.
Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Our two complementary business cores, Acetyl Chain and Materials Solutions, use the full breadth of Celanese’s global chemistry, technology and business expertise to create value for our customers and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,000 employees worldwide and had 2015 net sales of $5.7 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com or our blog at www.celaneseblog.com.
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