MOSCOW (MRC) -- Celanese Corporation, a global technology and specialty materials company, has 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, said the producer on its site.
"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.
As MRC informed previously, Celanese Corporation raised list and off-list selling prices for vinyl acetate monomer (VAM) from 1 June, 2016, or as contracts allowed, as follows:
- by EUR50/mt - for Europe;
- by USD50/mt for Central and South America and Mexico;
- by USD0.02/lb for USA and Canada.
Besides, earlier, Celanese Corporation increased its list and off-list selling prices for Ateva EVA and LDPE polymers, effective May 1st, 2016 or as contracts allowed. Prices of Ateva EVA rose by USD50/tonne for Asia, whereas LDPE prices grew by USD0.04/lg (USD 0.09/kg or USD90/tonne) for North and South America and by USD50/tonne for Asia.
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. Based in Dallas, Celanese employs approximately 7,000 employees worldwide and had 2015 net sales of USD5.7 billion.