Published on 10/1/2020 in the Prospect News High Yield Daily.
New Issue: OCI prices five-year secured notes in €400 million and $400 million tranches
By Paul A. Harris
Portland, Ore., Oct. 1 – OCI NV priced two resized tranches of five-year senior secured notes (Ba3/BB) on Wednesday, according to a market source.
An upsized €400 million tranche priced at par to yield 3 5/8%. The euro-denominated notes, upsized from €350 million, priced at the tight end of yield talk in the 3¾% area. Initial talk was 3¾% to 4%.
A downsized $400 million tranche priced at 4 5/8%. The dollar-denominated notes, downsized from $450 million, priced in the middle of the 4½% to 4¾% yield talk. Initial talk was in the 5% area.
Sole physical bookrunner and global coordinator Barclays will bill and deliver.
The Netherlands-based producer and distributor of nitrogen products and methanol plans to use the proceeds, along with an approximately $290 million equivalent draw on its revolver, to redeem its dollar- and euro-denominated notes due 2023.
| Issuer: | OCI NV
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| Maturity: | Oct. 15, 2025
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| Securities: | Senior secured notes
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| Sole physical bookrunner: | Barclays (bill and deliver)
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| Global coordinators, bookrunners: | Barclays, BofA and HSBC
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| Joint bookrunners: | BNP Paribas, Citigroup, Credit Agricole, Goldman Sachs, JPMorgan, Rabobank, SG
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| Trade date: | Sept. 30
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| Settlement date: | Oct. 9
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| Expected ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
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| Marketing: | Roadshow
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|
|
| Euro-denominated notes
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| Amount: | €400 million, increased from €350 million
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| Coupon: | 3 5/8%
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| Price: | Par
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| Yield: | 3 5/8%
|
| Spread: | 434.7 bps
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| First call: | Oct. 15, 2022 at 101.813
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| Price talk: | 3¾% area
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|
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| Dollar-denominated notes
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| Amount: | $400 million, decreased from $450 million
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| Coupon: | 4 5/8%
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| Price: | Par
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| Yield: | 4 5/8%
|
| Spread: | 436.5 bps
|
| First call: | Oct. 15, 2022 at 102.313
|
| Price talk: | 4½% to 4¾%
|
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