XML 40 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent Events
6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
Subsequent Events
On July 8, 2016, Celanese US and certain subsidiaries entered into an amendment of the Company's accounts receivable securitization facility ("Amendment"), extending its maturity to July 2019 and decreasing the available amount to $120 million.
On July 15, 2016, Celanese, Celanese US and certain subsidiaries entered into a new senior credit agreement ("New Credit Agreement") consisting of a new $500 million senior unsecured term loan and a $1.0 billion senior unsecured revolving credit facility (with a letter of credit sublimit), each maturing in 2021. The proceeds from the new senior unsecured term loan and €367 million of borrowings from the new unsecured revolving credit facility were used to repay the Company's Term C-2 and C-3 senior secured credit facilities under the Amended Credit Agreement. Borrowings under the New Credit Agreement bear interest at a rate equal to LIBOR plus a margin of 1.125% to 2.00%, currently 1.50%, or the base rate plus a margin of 0.125% to 1.00%, in each case, depending on the Company's senior unsecured debt rating. The New Credit Agreement contains a number of customary covenants and events of default, including the maintenance of certain financial ratios.