Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On July 14, 2022, Celanese U.S. completed an offering of $7.5 billion aggregate principal amount of notes of various maturities in a public offering registered under the Securities Act (the "Acquisition USD Notes"). On July 19, 2022, Celanese U.S. completed an offering of €1.5 billion in aggregate principal amount of euro-denominated senior unsecured notes due in 2026 and 2029 in a public offering registered under the Securities Act (collectively, the "Acquisition Euro Notes" and together with the Acquisition USD Notes, the "Acquisition Notes"). Certain of the Acquisition Notes were issued at a discount to par, which will be amortized to Interest expense in the consolidated statement of operations over the terms of the applicable Acquisition Notes. Estimated fees and expenses of the offering of the Acquisition Notes, inclusive of underwriting discounts, were approximately $65 million. Details of the Acquisition Notes are as follows:

Principal Amount		Maturity Date	Interest Rate		Discounted Price
$	2,000,000,000	July 5, 2024	5.900	%	99.987	%
$	1,750,000,000	March 15, 2025	6.050	%	99.993	%
€	1,000,000,000	July 19, 2026	4.777	%	100.000	%
$	2,000,000,000	July 15, 2027	6.165	%	100.000	%
€	500,000,000	January 19, 2029	5.337	%	99.996	%
$	750,000,000	July 15, 2029	6.330	%	100.000	%
$	1,000,000,000	July 15, 2032	6.379	%	100.000	%

Concurrently with the offering of the Acquisition USD Notes, the Company entered into cross-currency swaps to effectively convert $2.0 billion and $500 million of the Acquisition USD Notes into a euro-denominated borrowing at prevailing euro interest rates, maturing on July 15, 2027 and July 15, 2032, respectively. The swaps and €1.5 billion of the Acquisition Euro Notes qualify and have been designated as net investment hedges of the Company's foreign currency exchange rate exposure on the net investments of certain of its euro-denominated subsidiaries.

Net proceeds from the sale of the Acquisition Notes will be used, together with borrowings under the Term Loan Credit Agreement, or other debt financing, available borrowings under our revolving credit facility and cash on hand to fund the purchase price of the M&M Acquisition, which the Company anticipates closing around the end of 2022, subject to regulatory approvals and customary closing conditions.

The Acquisition Notes offerings further reduced the availability under the Bridge Facility by approximately $9.0 billion, resulting in $552 million in remaining Bridge Facility commitments. The Company accelerated the amortization of the remaining deferred fees of $26 million related to the Bridge Facility commitment in the three months ended September 30, 2022 (Note 3).