v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
As of
June 30,
2026		As of
December 31,
2025
(In $ millions)
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates
Current installments of long-term debt1,221 1,114 
Short-term borrowings, including amounts due to affiliates(1)
90 47 
Revolving credit facilities(2)
— 43 
Total1,311 1,204 
______________________________
(1)The weighted average interest rate was 2.2% and 2.2% as of June 30, 2026 and December 31, 2025, respectively.
(2)The weighted average interest rate was 0.0% and 3.1% as of June 30, 2026 and December 31, 2025, respectively.
As of
June 30,
2026		As of
December 31,
2025
(In $ millions)
Long-Term Debt
Senior unsecured notes due 2026, interest rate of 1.400%
400 400 
Senior unsecured notes due 2026, interest rate of 5.277%(1)
— 526 
Senior unsecured notes due 2027, interest rate of 2.125%
569 587 
Senior unsecured notes due 2027, interest rate of 7.165%(1)
554 554 
Senior unsecured notes due 2028, interest rate of 0.625%
570 587 
Senior unsecured notes due 2028, interest rate of 7.350%(1)
746 746 
Senior unsecured notes due 2029, interest rate of 6.337%(1)
570 588 
Senior unsecured notes due 2029, interest rate of 7.330%(1)
750 750 
Senior unsecured notes due 2030, interest rate of 6.500%
700 700 
Senior unsecured notes due 2030, interest rate of 7.550%(1)
999 999 
Senior unsecured notes due 2031, interest rate of 7.000%
600 600 
Senior unsecured notes due 2031, interest rate of 5.000%
855 881 
Senior unsecured notes due 2032, interest rate of 7.379%(1)
1,000 1,000 
Senior unsecured notes due 2033, interest rate of 7.700%(1)
1,000 1,000 
Senior unsecured notes due 2033, interest rate of 6.750%
1,100 1,100 
Senior unsecured notes due 2034, interest rate of 7.375%
800 800 
Pollution control and industrial revenue bonds due at various dates through 2030(2)
85 85 
Bank loans due at various dates through 2031(3)
594 582 
Obligations under finance leases due at various dates through 2054
121 129 
Subtotal12,013 12,614 
Unamortized deferred financing costs(4)
(96)(106)
Current installments of long-term debt(1,221)(1,114)
Total10,696 11,394 
______________________________
(1)In February 2025, Moody's Ratings downgraded the Company's credit rating, which had the effect of increasing interest rates by 25 basis points on certain senior unsecured notes, effective on various dates beginning May 15, 2025 through January 19, 2026.
In November 2025, S&P Global Ratings and Moody's Ratings downgraded the Company's credit rating, which together had the effect of increasing interest rates for certain senior unsecured notes by an additional 50 basis points, effective on various dates beginning January 15, 2026 through May 15, 2026.
(2)Interest rates range from 4.1% to 4.3%.
(3)The weighted average interest rate was 2.4% and 2.4% as of June 30, 2026 and December 31, 2025, respectively.
(4)Related to the Company's long-term debt, excluding obligations under finance leases.
Senior Credit Facilities
In March 2022, Celanese U.S. entered into a $1.0 billion senior unsecured term loan credit agreement (as amended to date, the "March 2022 U.S. Term Loan Credit Facility") and in November 2024, Celanese U.S. entered into a $1.0 billion senior unsecured term loan credit agreement (the "November 2024 U.S. Term Loan Credit Facility"). The March 2022 U.S. Term Loan Credit Facility and the November 2024 U.S. Term Loan Facility were each fully repaid and terminated as of December 31, 2025.
In August 2025, Celanese U.S. entered into a new senior unsecured revolving credit agreement (the "U.S. Revolving Credit Facility" and together with the March 2022 U.S. Term Loan Credit Facility and the November 2024 U.S. Term Loan Credit Facility, the "U.S. Credit Facilities"), consisting of a $1.75 billion senior unsecured revolving credit facility (with a letter of credit sublimit), maturing in 2030. The margin for borrowings under the U.S. Revolving Credit Facility is 1.00% to 2.00% (or between 0.00% and 1.00% in the case of U.S. dollar base rate borrowings) above certain interbank rates at current Company credit ratings.
The U.S. Revolving Credit Facility is guaranteed by Celanese and certain domestic subsidiaries, together representing substantially all of the Company's U.S. assets and business operations (the "Subsidiary Guarantors").
Certain of the Company's subsidiaries in China (Celanese (Shanghai) International Trading Co., Ltd ("CSIT") and Celanese (Nanjing) Chemical Co., Ltd. ("CNCC") have outstanding senior unsecured bank obligations collectively, the "China Credit Facilities") as follows:
SubsidiaryLoan Origination DateMaturityBorrowing CapacityInterest RateAs of June 30, 2026
(In CNY millions)
(In percentages)
(In CNY millions)(In $ millions)
CSITJanuary 4, 2023January 13, 2026550(1)2.700——
CNCCJanuary 6, 2023December 25, 2026800(2)2.34045066
CSITMarch 26, 2026February 7, 2027100(2)2.22010015
CSITMay 6, 2026February 7, 2027100(2)2.22010015
CNCCJuly 18, 2025June 17, 2027200(2)2.34016023
CNCCJune 28, 2024June 28, 2027800(2)2.34064094
CNCCJanuary 15, 2025December 21, 2027500(3)2.44042563
CNCCMarch 6, 2025March 6, 2028750(2)2.34067599
CNCCNovember 1, 2024June 9, 20281,000(2)2.350692102
CNCCOctober 20, 2025July 3, 2028300(2)2.34028542
CNCCOctober 20, 2025October 20, 2028300(2)2.34028542
CNCCMarch 10, 2026March 11, 2031600(2)2.41026038
CNCCMarch 26, 2026April 15, 2031950(2)2.41010015
Total4,172614
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(1)Revolving credit facility guaranteed by Celanese U.S. (the "CSIT Revolving Credit Facility"), which bears interest at a fixed rate. The CSIT Revolving Credit Facility was fully repaid on January 13, 2026.
(2)Senior unsecured working capital loan bearing interest at certain floating interest rates.
(3)Senior unsecured working capital loan bearing interest at a fixed interest rate.
In April 2025, CNCC entered into a CNY100 million revolving credit facility guaranteed by Celanese U.S. (the "CNCC Revolving Credit Facility" and together with the CSIT Revolving Credit Facility, the "China Revolving Credit Facilities") expiring 12 months from the drawdown date. No draws were initiated as of June 30, 2026.
The Company expects the China Credit Facilities will continue to facilitate its efficient repatriation of cash to the U.S. to repay debt and effectively redomicile a portion of its U.S. debt to China at a lower average interest rate.
The Company's debt balances and amounts available for borrowing under its senior unsecured revolving credit facilities are as follows:
As of
June 30,
2026
(In $ millions)
U.S. Revolving Credit Facility
Borrowings outstanding— 
Available for borrowing1,750 
China Revolving Credit Facilities
Borrowings outstanding— 
Available for borrowing96 
Senior Notes
The Company has outstanding senior unsecured notes, issued in public offerings registered under the Securities Act of 1933, as amended (the "Securities Act") (collectively, the "Senior Notes"). The Senior Notes were issued by Celanese U.S. and are guaranteed on a senior unsecured basis by Celanese and the Subsidiary Guarantors. Celanese U.S. may redeem some or all of each of the Senior Notes, prior to their respective maturity dates, at a redemption price of 100% of the principal amount, plus a "make-whole" premium as specified in the applicable indenture, plus accrued and unpaid interest, if any, to the redemption date.
In March 2025, Celanese U.S. completed a public offering of senior unsecured notes registered under the Securities Act in aggregate principal amounts of €750 million and $1.8 billion (the "March 2025 Offering").
In addition, in March 2025, Celanese U.S. completed cash tender offers for €552 million and $500 million in aggregate principal amounts of senior unsecured notes (the "March 2025 Tender Offers"). The net proceeds from the March 2025 Offering, together with borrowings under the November 2024 U.S. Term Loan Credit Facility, were used (i) to fund the March 2025 Tender Offers, (ii) for repayment of other outstanding indebtedness and (iii) to pay related fees and expenses.
Deferred financing costs related to the March 2025 Offering were $34 million and are being amortized to Interest expense in the unaudited interim consolidated statements of operations over the terms of the applicable notes. Fees and expenses related to the March 2025 Tender Offers of $32 million, including accelerated amortization of deferred financing costs associated with the principal amounts tendered, are included in Refinancing expense in the unaudited interim consolidated statements of operations for the six months ended June 30, 2025.
In December 2025, Celanese U.S. completed a public offering of senior unsecured notes registered under the Securities Act in an aggregate principal amount of $1.4 billion (the "December 2025 Offering").
In addition, in December 2025, Celanese U.S. completed cash tender offers for $1.2 billion in aggregate principal amounts of senior unsecured notes (the "December 2025 Tender Offers"). The net proceeds from the December 2025 Offering were used to (i) fund the December 2025 Tender Offers, (ii) repay other outstanding indebtedness and (iii) pay related fees and expenses.
On June 25, 2026, Celanese U.S. redeemed all of its outstanding 4.777% unsecured senior notes due 2026 ("4.777% Notes") at a redemption price of 100% of the face amount for a total principal payment of $508 million plus accrued interest of $25 million. Cash on hand was used to fund the redemption.
Accounts Receivable Purchasing Facility
On May 22, 2026, the Company entered into an amendment to the amended and restated receivables purchase agreement (the "Amended Receivables Purchase Agreement") under its U.S. accounts receivable purchasing facility among certain of the Company's subsidiaries, a wholly-owned, "bankruptcy remote" special purpose subsidiary (the "U.S. SPE") and certain global financial institutions ("U.S. Purchasers"). The Amended Receivables Purchase Agreement extends the term of the U.S. accounts receivable purchasing facility such that the U.S. SPE may sell certain receivables until May 22, 2028. Under the Amended Receivables Purchase Agreement, transfers of U.S. accounts receivable from the U.S. SPE are treated as sales and are accounted for as a reduction in accounts receivable because the agreement transfers effective control over and risk related to the U.S. accounts receivable to the U.S. SPE. The Company and related subsidiaries have no continuing involvement in the transferred U.S. accounts receivable, other than collection and administrative responsibilities and, once sold, the U.S. accounts receivable are no longer available to satisfy creditors of the Company or the related subsidiaries. These sales are transacted at 100% of the face value of the relevant U.S. accounts receivable, resulting in derecognition of the U.S. accounts receivables from the Company's unaudited consolidated balance sheets. The Company de-recognized $738 million and $1.5 billion of accounts receivable under this agreement for the six months ended June 30, 2026 and year ended December 31, 2025, respectively, and collected $693 million and $1.5 billion of accounts receivable sold under this agreement during the same periods. Unsold U.S. accounts receivable of $124 million were pledged by the U.S. SPE as collateral to the U.S. Purchasers as of June 30, 2026.
Factoring and Discounting Agreements
The Company has factoring agreements in Europe, Japan and Singapore with financial institutions to sell 100%, 100% and 90% of certain accounts receivable, respectively, on a non-recourse basis. The Company also has a factoring agreement in China with a financial institution to sell 100% of certain accounts receivable on a limited recourse basis. These transactions are treated as sales and are accounted for as reductions in accounts receivable because the agreements transfer effective control over and risk related to the receivables to the buyer. The Company has no material continuing involvement in the transferred receivables, other than collection and administrative responsibilities and, once sold, the accounts receivable are no longer available to satisfy creditors in the event of bankruptcy. The Company de-recognized $350 million and $717 million of accounts receivable under these factoring agreements for the six months ended June 30, 2026 and year ended December 31, 2025, respectively, and collected $359 million and $724 million of accounts receivable sold under these factoring agreements during the same periods.
The Company has master discounting agreements (the "Master Discounting Agreements") with financial institutions in China to discount, on a non-recourse basis, banker's acceptance drafts ("BADs"), classified as accounts receivable. Under the Master Discounting Agreements, transfers of BADs are treated as sales and are accounted for as a reduction in accounts receivable because the Master Discounting Agreements transfer effective control over and risk related to the transferred BADs to the financial institutions. The Company has no continuing involvement in the transferred BADs, and the BADs are no longer available to satisfy creditors in the event of a bankruptcy. The Company received $42 million and $82 million from the accounts receivable transferred under the Master Discounting Agreements for the six months ended June 30, 2026 and year ended December 31, 2025, respectively.
Covenants
The Company's material financing arrangements contain customary covenants, such as events of default and change of control provisions. Failure to comply with these covenants, or the occurrence of any other event of default, could result in acceleration of the borrowings and other financial obligations.
On July 31, 2026, and during the year ended December 31, 2025, the Company amended certain covenants in certain U.S. Credit Facilities, including financial ratio maintenance covenants.
The Company is in compliance with the covenants in its material financing arrangements as of June 30, 2026. The Company expects to remain in compliance with such covenants over the twelve-month required evaluation period subsequent to the date of this filing based on current market conditions and the Company's current expectation of future results of operations and cash generation. However, should the Company's actual future results of operations and cash generation differ materially from its expectations, it may be required to seek an amendment to or waiver of any impacted covenants, or pursue other mitigation strategies.