OCI N.V. (Euronext: OCI) today announced that its wholly-owned subsidiary Egyptian Fertilizer Company (EFC) has closed a refinancing of its existing financial indebtedness due October 2019, with facilities from commercial banks (local and international) and from two development financing institutions, International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).
The facility size is $380 million and EGP1.120 billion of debt, or approximately a total of $445 million, including $100 million from IFC and $60 million from the EBRD. The facility bears an interest rate of LIBOR + 3.75% on the US$ commitments and CBE Lending Corridor Rate + 0.75% on the EGP commitments. All tranches have a tenor of seven years, except for the IFC tranche with eight years.
EFC is one of Africa’s largest fertilizer producers with a capacity of 1.65 million metric tons of urea per year, in addition to a 325 thousand metric ton per year urea ammonium nitrate blending unit. The plant is advantageously located near the Suez Canal, at the port of Ain Al Sokhna, Egypt’s deepest port.