By Paul A. Harris
Portland, Ore., May 2 - Celanese US Holdings LLC priced a $400 million issue of non-callable 10-year senior notes (expected ratings Ba3/BB-) at par to yield 5 7/8% on Monday, according to an informed source.
The yield printed at the tight end of price talk, which had been set in the 6% area.
Merrill Lynch, Barclays Capital Inc., Deutsche Bank Securities Inc. HSBC, Morgan Stanley & Co. Inc. and RBS Securities Inc. were the joint bookrunners for the quick-to-market deal.
Proceeds, together with other available funds, will be used to repay bank debt.
Dallas-based Celanese makes specialty materials and chemical products.
Issuer: | Celanese US Holdings LLC
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Amount: | $400 million
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Maturity: | June 15, 2021
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Securities: | Senior notes
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Bookrunners: | Merrill Lynch, Barclays Capital Inc., Deutsche Bank Securities Inc. HSBC, Morgan Stanley & Co. Inc., RBS Securities Inc.
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Co-managers: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc.
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Coupon: | 5 7/8%
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Price: | Par
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Yield: | 5 7/8%
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Spread: | 259 bps
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Call protection: | Non-callable (Make-whole provision at Treasuries plus 50 bps)
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Change-of-control put: | 101%
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Expected ratings: | Moody's: Ba3
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| Standard & Poor's: BB-
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Distribution: | SEC registered
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Price talk: | 6% area
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Marketing: | Quick to market
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