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OCI OCI N.V. Announces Completion of ?550M Financing Facilities for OCI Nitrogen

Directive transparence : information réglementée

18/08/2016 20:15

OCI N.V. (Euronext: OCI) today announced that its subsidiary OCI Nitrogen (‘OCIN’) in The Netherlands has successfully concluded the refinancing and upsizing of its outstanding debt with €550 million of term loans and revolving credit facilities. OCIN intends to use the net proceeds to refinance €300 million of debt and provide the remaining proceeds to its parent company, OCI N.V.

The financing package comprises a €250 million term loan facility A (‘TLA’), a €250 million term loan facility B (‘TLB’) and a €50 million revolving credit facility (‘RCF’). The TLA is amortized over five years and the TLB will be repaid on the maturity date in 2021. The weighted average opening margin is 4.23% over EURIBOR.

Rabobank and Crédit Agricole CIB acted as joint global coordinators, mandated lead arrangers and book runners for the fund-raising and VTB Bank, BNP Paribas and HSBC acted as mandated lead arrangers. The lending group includes seven banks that are lenders under OCIN’s existing facility, as well as ten new lenders to OCIN.

In addition to the OCIN refinancing, OCI N.V. received proceeds totalling c.$300 million in May and August 2016 following the Natgasoline tax exempt bond issuance and the Natgasoline subscription agreement with Proman. These funds, together with the recently received $150 million break-up fee, have been used to repay c.$400 million of short-term facilities at the holding company level.

The total proceeds of almost $1.1 billion from these fund-raisings and refinancing have been utilized to reduce OCI N.V.’s debt, settling short-term obligations, and to provide financing for on-going expansion projects in the United States.

Attachment(s):
oci_n.v._announces_eu550m_financing_facilities_for_oci_nitrogen.pdf

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