OCI Nitrogen launches $1 billion equivalent notes in dollars, euros

By Paul A. Harris

Portland, Ore., April 9 – OCI NV will run a full roadshow in Europe and the United States for a $1 billion equivalent offering of five-year senior secured notes, which will be sold in tranches of dollar-denominated and euro-denominated notes, according to market sources.

Initial price talk has the dollar-denominated notes coming with a yield in the low 7% area and the euro-denominated notes yielding in the mid-to-high 5% area.

Tranche sizes remain to be determined.

Joint global coordinator and sole physical bookrunner JPMorgan will bill and deliver for the Rule 144A and Regulation S offering. Barclays and HSBC are also joint global coordinators.

BofA Merrill Lynch, BNP Paribas, Citigroup, Credit Agricole, Goldman Sachs, Rabobank and SG CIB are the passive bookrunners.

The notes come with two years of call protection.

The Amsterdam-based producer and distributor of natural gas-based fertilizers and industrial chemicals plans to use the proceeds to refinance OCI Nitrogen’s existing term, OCI NV bank debt, an OCI NV shareholder loan and to finance the recent buyback of OCI NV’s convertible notes.

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