ICBC contributes to $750 million USD term loan facility to Celanese Corporation and Celanese US Holding for general corporate and debt refinancing purposes in 2022 (Linked to Record ID#106150)

Project narrative

On September 16, 2022, financial close was reached on a deal in which a syndicate of 10 banks — including Bank of China and ICBC — entered into an $750 million USD unsecured three-year term loan facility agreement with Celanese Corporation and Celanese US Holdings LLC, both headquartered in Irving, Texas. Celanese Corporation is a global chemical and specialty materials company specializing in high-performance engineered polymers and acetyl products used in a variety of applications. The loan's maturity is 3 year, and the interest rate is Term SOFR plus an applicable margin. This loan was an additional facility after the March 2022 loan which offered $1.5 billion (with no Chinese bank involvement). The proceeds were used by the borrowers for general corporate purposes, including refinancing existing debt and providing liquidity for operational needs. While Bank of China (Record ID#106150) and ICBC (Record ID#106151) contributed to this facility, the following lenders also participated: Bank of America, N.A.; The Bank of Nova Scotia; The Toronto-Dominion Bank; U.S. Bank National Association; City National Bank; DBS Bank Ltd.; Taiwan Cooperative Bank; and Land Bank of Taiwan. The total loan amount was distributed among these institutions. On February 21, 2023, the borrowers and the lenders signed an amendment in which they altered definitions.