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Celanese Plans to Refinance Debt and Repurchase Shares

9:41 AM MDT | July 25, 2007 | Chemical Week Editorial Staff

Celanese says it will initiate a refinancing program to reduce debt by more than $200 million, lower net interest expense, extend debt maturities, and improve flexibility. As part of the plan, Celanese will establish a new credit facility of up to $3.6 billion, replacing existing credit facility of up to $2.45 billion. The company says it will also buy back approximately $400 million of its common stock, which represents about 8% of the company’s outstanding shares at a price of $28.00-$30.50/share. Celanese says it will fund the share repurchase with a...

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