OCI Beaumont launches $400 million term B at Libor plus 425-450 bps

By Sara Rosenberg

New York, Feb. 12 – OCI Beaumont (OCI Partners LP) was scheduled to hold a lender call at 3 p.m. ET on Monday to launch a $400 million seven-year term loan B that is talked at Libor plus 425 basis points to 450 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, amortization of 1% per annum and a maximum secured net leverage ratio covenant, the source said.

Bank of America Merrill Lynch is the left lead arranger on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to refinance the company’s existing term loan B, to repay revolver borrowings and to partially repay an outstanding subordinated related party term loan.

OCI Beaumont is a Nederland, Texas-based integrated methanol and ammonia facility.

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