OCI Beaumont lifts term B to $455 million, firms at Libor plus 425 bps

By Sara Rosenberg

New York, Feb. 16 – OCI Beaumont (OCI Partners LP) upsized its seven-year term loan B to $455 million from $400 million and set pricing at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

Also, a pricing step-down was added to Libor plus 400 bps at 2.75 times total net leverage and the original issue discount was tightened to 99.875 from 99.5, the source said.

Furthermore, the 101 soft call protection was extended to one year from six months.

The term loan includes 50 bps MFN for life.

The term loan still has a 0% Libor floor, amortization of 1% per annum and a maximum secured net leverage ratio covenant.

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

Commitments were scheduled to be 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 repay in full, instead of in part, an outstanding subordinated related party term loan.

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

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