S&P rates OCI notes BB

S&P said it assigned a BB rating with a 3 recovery rating to OCI NV’s $850 million of senior secured notes. The agency also affirmed its BB issuer rating on the company.

Proceeds and a revolver draw of about $300 million will be used to repay OCI’s $1.1 billion of 2023 notes.

“We view the proposed refinancing transaction as credit positive due to interest cost savings and more flexibility to reduce gross debt in the next two years,” S&P said in a press release.

The outlook is negative.

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