OCI to price $850 million equivalent two-part secured notes following Tuesday investor call

By Paul A. Harris

Portland, Ore., Sept. 29 – OCI NV plans to price an approximately $850 million equivalent two-part offering of five-year senior secured notes (expected ratings Ba3/BB/BB) following a Tuesday conference call with investors, according to a market source.

The Rule 144A and Regulation S deal includes a €350 million tranche of the notes, with initial price talk of 3¾% to 4%, and $450 million with initial price talk in the 5% area.

Sole physical bookrunner and global coordinator Barclays will bill and deliver. BofA and HSBC are global coordinators and bookrunners. BNP Paribas, Citigroup, Credit Agricole, Goldman Sachs, JPMorgan, Rabobank and SG are joint bookrunners.

The notes in both tranches become callable after two years at par plus 50% of the respective coupons.

The Netherlands-based producer and distributor of nitrogen products and methanol plans to use the proceeds, along with an approximately $300 million equivalent draw on its revolver, to redeem its dollar- and euro-denominated notes due 2023.

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