’s (CE - Free Report
) fully-owned subsidiary, Celanese US Holdings LLC has priced a public offering of €300 million total principal amount of 1.25% Senior Notes due 2025. The notes will be guaranteed by the company on a senior unsecured basis.
Celanese plans to utilize the net proceeds from the offering for a voluntary contribution to fully fund its qualified U.S. pension plans while any excess proceeds will be used for general corporate purposes.
Celanese has outperformed the industry
over a year. The company’s shares have moved up around 32.4% over this period compared with roughly 24.6% gain recorded by the industry.
The company expects business and productivity momentum to offset fourth-quarter weakness. Celanese is optimistic that it can grow its adjusted earnings per share for 2017 toward the top end of its earlier announced guidance range of 9-11%.
Celanese’s strategic measures including operational cost savings through productivity actions and pricing initiatives are likely to lend support to its earnings in 2017. The company is also poised to gain from growth initiatives that include acquisitions. Moreover, Celanese remains focused on returning value to shareholders.
Celanese Corporation Price and Consensus