Celanese adds $200 million convertible preferred sale to planned IPO

Nashville, Jan. 3 - Celanese Corp. on Monday added a $200 million perpetual convertible preferred to its planned initial public offering of 57.5 million shares of class A common stock.

Par for the convertible is $25 and would be priced off an estimated stock price of $24 a share.

Celanese also plans a new $1.5 billion senior credit facility.

Proceeds are earmarked to partially redeem $207 million of its 10% senior discount notes, partially redeem $566 million of its 10.3675% senior subordinated notes, repay the existing $611 million of its senior credit facility, repay a $350 million floating-rate term loan and make a $952 million dividend to class B common stock holders.

Joint lead managers are Morgan Stanley and Lehman Brothers. Co-managers are Banc of America Securities LLC, UBS Investment Bank, Deutsche Bank Securities and Credit Suisse First Boston.

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