Deutsche Bank is leading a repricing for Celanese Corp. The approximately $1.4 billion term loan is priced at LIBOR plus 2% with a step down to LIBOR plus 1 3/4% based on ratings improvement or leverage improvement. The bank had originally gone out with pricing of LIBOR plus 1 3/4%, but following feedback, went with LIBOR plus 2% and the grid.
The Blackstone Group bought the company in 2004 through its German limited partnership, BCP Crystal Acquisition GmbH & Co. Earlier this year the company did an initial public offering of 50 million shares of its Series A Common Stock priced at $16 per share. Morgan Stanley, Lehman Brothers, Goldman Sachs, Banc of America Securities, Bear Stearns, Credit Suisse First Boston, Friedman Billings Ramsey and Stephens acted as co-managers of the offering. Blackstone is still a majority shareholder. Officials at Celanese and Blackstone could not be reached by press time.