OCI Partners intends to repay term debt via $200 million loan draw

By Tali Rackner

Norfolk, Va., Nov. 21 – OCI Partners LP said it expects to receive $200 million under its intercompany loan agreement with OCI USA Inc., an indirect wholly owned subsidiary of OCI NV, according to a press release.

Proceeds will be used to reduce the size of its existing term loan and facilitate amendments to its covenants. Borrowings outstanding under the intercompany loan agreement will be subordinated to the term loan.

The partnership said it received the required quorum of lenders to satisfy consent for changes to the term loan, including financial covenants.

The transaction is expected to close on Nov. 30, subject to board of director approval.

Nederland, Texas-based OCI owns and operates an integrated methanol and ammonia production facility.

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