Celanese Amends Credit Agreement, Eases Leverage Covenant to 5.50x Through Maturity
CE sits 23% above its 52-week low of $35.13 on elevated volume (2.0× avg).
Summary
Celanese amended its revolving credit facility to relax its net leverage covenant to 5.50x through maturity and increase foreign subsidiary debt capacity by $150 million, providing financial flexibility after a challenging 2025.
Key Events · Financing and Capital Events · CE
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Leverage Covenant Relaxed to 5.50x
From March 31, 2027 through maturity, the consolidated net leverage ratio covenant is set at 5.50:1.00, with gradual step-downs to 4.00:1.00 by 2030, replacing a prior path to 3.50:1.00.
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Foreign Subsidiary Debt Baskets Increased
Combined negative covenant baskets for foreign subsidiary debt were raised from $900 million to $1.05 billion, providing additional capacity for acquisitions and corporate purposes.
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Covenant Relief Period Extended
The Covenant Relief Period now runs through the maturity date, with an option to terminate early if leverage falls below 3.50:1.00 for two consecutive quarters.
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Pricing Grid Updated
The Applicable Rate definition was amended to include a new pricing grid tied to Debt Ratings, with margins ranging from 1.000% to 2.250% depending on credit rating.
Analysis · CE · Industrial Applications And Services
To secure breathing room after a $1.165 billion net loss and $1.486 billion in impairment charges in 2025, Celanese amended its revolving credit facility, relaxing the net leverage covenant to 5.50x from March 2027 through maturity—up from a prior step-down to 3.50x. The amendment also lifts foreign subsidiary debt baskets by $150 million to $1.05 billion. Coming on the heels of a strong Q2 earnings beat, the looser covenants reduce near-term default risk but signal that management expects leverage to remain elevated for years.
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In the 30 days to Sep 20, 2026, 29.4% of the 1574 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.43%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CE was trading at $43.31 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $5B. The 52-week trading range was $35.13 to $70.70. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.