Fitch rates OCI’s notes BB

Fitch Ratings said it gave OCI NV’s $400 million and €400 million notes due 2025 a final rating of BB.

The proceeds and $290 million from the company’s revolving credit facility were used to redeem the $650 million and €400 million of notes due 2023.

“We view the transaction as positive as it extends the company’s debt maturity profile and is expected to result in $20 million-$25 million of interest savings annually. By partially refinancing using availability under the revolving credit facility (RCF), OCI increased the amount of debt it can readily repay with internally generated cash. We expect the company to be able to fully repay the drawn RCF over the next 24 months,” Fitch said in a press release.

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