OCI Beaumont, OCI Partners edit revolver maturity, interest, covenants

By Tali Rackner

Norfolk, Va., Jan. 10 – OCI Beaumont LLC and OCI Partners LP entered into a sixth amendment to their revolving credit agreement on Jan. 4 with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment extended the revolver maturity to March 31, 2018 and increased the applicable margin by 125 basis points to Libor plus 475 bps.

The company added a maximum consolidated senior secured net leverage ratio covenant of 6.25 times for the quarter ending March 31, 2017, 5.5 times for the quarters ending June 30, 2017 and Sept. 30, 2017 and 5.25 times for the quarter ending Dec. 31, 2017.

It also added a minimum consolidated interest coverage ratio of 1.25 times for the quarters ending Dec. 31, 2016 and March 31, 2017, 1.5 times for the quarter ending June 30, 2017, 1.75 times for the quarter ending Sept. 30, 2017 and 2.25 times for the quarter ending Dec. 31, 2017.

OCI also amended various other terms under the agreement.

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

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