OCI sets price talk in $850 million equivalent two-part secured notes offering; pricing Wednesday

By Paul A. Harris

Portland, Ore., Sept. 29 – OCI NV set price talk for its approximately $850 million equivalent two-part offering of five-year senior secured notes (Ba3/BB) late Tuesday, according to a market source.

The Rule 144A and Regulation S deal includes a €350 million tranche of the notes talked to yield in the 3¼% area, versus initial talk of 3¾% to 4%.

The deal also includes a $450 million tranche of notes talked to yield 4½% to 4¾%, versus initial talk in the 5% area.

Dollar-denominated books were scheduled to close late Tuesday. Euro-denominated books are scheduled to close at 6:30 a.m. ET on Wednesday, and the deal is set to price Wednesday morning, New York time.

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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