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OCI OCI N.V. Receives Further Cash Proceeds of $232 Million

Directive transparence : information réglementée

26/08/2016 08:00

OCI N.V. (Euronext: OCI) today announced that it has sold and monetised its remaining outstanding shareholder loans of $169 million in Natgasoline, which were securitised in the form of Pass-Through Revenue Bonds issued by Public Finance Authority, a municipal conduit issuer, and underwritten by Citigroup Global Markets Inc. This transaction is in addition to the monetisation of over $300 million of shareholder loans to Natgasoline over the last few months, through the tax exempt bond issuance and the Natgasoline subscription agreement.

OCI N.V. is also pleased to announce that its Algerian subsidiary, Sorfert, has completed all requirements for payment of 2015 dividends and Sorfert’s lead bank has processed the remittance instructions. OCI N.V.’s share of 2015 dividends is $70 million of which it will receive $63 million net of withholding taxes.

The total net proceeds to OCI of $232 million from the above-mentioned transactions, combined with the fund raisings and refinancing of OCI Nitrogen as announced on 18 August 2016, bring the total cash proceeds to OCI N.V. between May and August 2016 to more than $1.3 billion, significantly strengthening OCI N.V.’s balance sheet and providing financing for the pursuit of its growth initiatives.

Attachment(s):
oci_n.v._receives_further_cash_proceeds_of_232_million.pdf

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