Celanese Corporation has announced a cash tender offer to repurchase up to $1 billion of its outstanding 6.665% senior notes due 2027 and 6.850% senior notes due 2028. The repurchase will be executed by Celanese US Holdings LLC and will be completed in two phases, with an early settlement on December 17, 2025 and a final settlement on January 5, 2026.
The offer includes a $100 million cap on the 2028 notes and offers early‑tender consideration of $1,037.50 per $1,000 for the 2027 notes and $1,055.00 per $1,000 for the 2028 notes. The 2027 notes carry a coupon that has risen 0.50 percentage points from 6.165% to 6.665%, while the 2028 notes have increased from 6.350% to 6.850%.
Funding for the tender will come from a concurrent new debt issuance that is expected to close no later than the early settlement date. While the terms of the new debt—such as coupon and maturity—have not been disclosed, the transaction is designed to provide sufficient cash to retire the targeted notes and reduce overall interest expense.
Celanese’s deleveraging strategy is a central pillar of its financial plan. As of September 2025, the company’s net debt‑to‑EBITDA ratio stood at 6.7×, with total debt of $13.14 billion and a debt‑to‑equity ratio of 225.2%. Management has set a target of 3× net debt‑to‑EBITDA and is pursuing $700‑$800 million in free cash flow for 2025, alongside asset divestitures such as the planned sale of its Micromax® business. The note repurchase is expected to lower the debt‑to‑EBITDA ratio and improve the company’s capital structure, reinforcing its ability to fund growth initiatives.
Scott Richardson, Celanese’s President and CEO, said the company remains “aggressively and prudently deleveraging our balance sheet” and that the strategy includes “regularly reviewing our assets.” Chief Financial Officer Chuck Kyrish added that the new debt issuance “demonstrates our ongoing commitment to proactively and opportunistically manage Celanese’s debt and liquidity profile.”
Investors have reacted positively to the EPS beat in Q3 2025—adjusted earnings of $1.34 versus consensus $1.22—while noting the company’s revenue miss and cautious Q4 guidance. The deleveraging move, coupled with the EPS beat, has reinforced confidence in Celanese’s cost discipline and its focus on strengthening the balance sheet.
The tender offer represents a significant step in Celanese’s broader effort to reduce interest expense, lower its debt‑to‑EBITDA ratio, and create a more sustainable capital structure that can support future growth programs.
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