OCI launches upsized $1.15 billion five-year notes inside of talk; pricing Tuesday

By Paul A. Harris

Portland, Ore., April 17 – OCI NV launched an upsized $1.15 billion equivalent offering of five-year senior secured notes (B1/BB-/BB-) on Tuesday, market sources say.

The deal includes $650 million of dollar-denominated notes launched at 6 5/8%. The tranche, which was marketed at a $400 million minimum amount, launched 35.7 basis points below the tight end of the 7% to 7¼% price talk.

A €400 million minimum amount of euro-denominated notes launched at 5%, 25 bps beneath the tight end of the 5¼% to 5½% price talk.

The overall deal size is increased from $1 billion equivalent.

Final terms are expected 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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