OCI sets price talk on $1 billion two-part secured notes offering; pricing Tuesday

By Paul A. Harris

Portland, Ore., April 16 – OCI NV set price talk in its $1 billion equivalent offering of five-year senior secured notes (B1/BB-/BB-), according to a market source.

A $400 million minimum amount of dollar-denominated notes is talked to yield 7% to 7¼%, in line with initial talk in the low 7% area.

A €400 million minimum amount of euro-denominated notes is talked to yield 5¼% to 5½%, tight to initial talk in the mid-to-high 5% area.

The Rule 144A and Regulation S deal is expected to price on Tuesday.

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 loan, OCI NV bank debt and an OCI NV shareholder loan and to finance the recent buyback of OCI NV’s convertible notes.

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