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| CE > SEC Filings for CE > Form 8-K on 1-Jul-2009 | All Recent SEC Filings |
1-Jul-2009
Entry into a Material Definitive Agreement
On June 30, 2009, Celanese US Holdings LLC ("Celanese US"), a wholly owned
subsidiary of Celanese Corporation (the "Company"), entered into an amendment
(the "Amendment") to the Credit Agreement (as defined below), with a majority of
the lenders under the revolving credit portion of the Credit Agreement ("the
Majority Lenders under the Revolving Facility"). The Amendment amends the Credit
Agreement, dated as of April 2, 2007 (as amended, the "Credit Agreement"), among
Celanese Holdings LLC, Celanese US, certain subsidiaries of Celanese US,
Deutsche Bank AG, New York Branch, as administrative agent and collateral agent,
and the other agents and lenders parties thereto.
The Amendment amends the first lien senior secured leverage ratio covenant
that is applicable when amounts are borrowed under the revolving credit portion
of the Credit Agreement. Prior to giving effect to the Amendment, the maximum
first lien senior secured leverage ratio applicable to any period when amounts
are outstanding under the revolving credit facility was 3.90 to 1.00.
As amended, the maximum senior secured leverage ratio for the following
four-quarter periods is:
First Lien Senior
Secured Leverage
Four-Quarter Period Ending Ratio
June 30, 2009 4.75 to 1.00
September 30, 2009 5.75 to 1.00
December 31, 2009 5.25 to 1.00
March 31, 2010 4.75 to 1.00
June 30, 2010 4.25 to 1.00
September 30, 2010 4.25 to 1.00
December 31, 2010 and thereafter 3.90 to 1.00
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Such maximum first lien senior secured leverage ratio test remains applicable
only when amounts are outstanding under the revolving credit facility.
In connection with the Amendment, the parties agreed to reduce the amount
available under the revolving credit portion of the Credit Agreement from
$650 million to $600 million.
Certain of the parties to the Amendment and their respective affiliates have,
from time to time, performed, and may in the future perform, various financial,
advisory, commercial banking and investment banking services for the Company and
the Company's affiliates in the ordinary course of business.
The description of the Amendment contained herein is qualified in its
entirety by reference to the Amendment, which is attached hereto and which is
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number Description
10.1 First Amendment to the Credit Agreement, dated June 30, 2009, by and
among Celanese US Holdings LLC and the Majority Lenders under the
Revolving Facility whose signatures appear on the signature pages
thereto.
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