By Paul A. Harris
Portland, Ore., April 17 – OCI NV priced five-year senior secured notes (B1/BB-/BB-) in two tranches on Tuesday, according to a market source.
The deal included $650 million of notes that priced at par to yield 6 5/8%. The tranche, which was marketed at a $400 million minimum amount, priced in the middle of the 6½% to 6¾% final price talk. Earlier talk had the deal coming at 7% to 7¼%.
In addition, OCI priced €400 million of notes at par to yield 5%. The yield printed at the tight end of the 5% to 5 1/8% yield talk. Earlier talk was 5¼% to 5½%.
Joint global coordinator and sole physical bookrunner JPMorgan will bill and deliver. 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 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.
| Issuer: | OCI NV
|
| Securities: | Senior secured notes
|
| Maturity: | April 15, 2023
|
| Physical bookrunner: | JPMorgan (bill and deliver)
|
| Joint global coordinators: | JPMorgan, Barclays, HSBC
|
| Passive bookrunners: | BofA Merrill Lynch, BNP Paribas, Citigroup, Credit Agricole, Goldman Sachs, Rabobank and SG CIB
|
| Call protection: | Two years
|
| Trade date: | April 17
|
| Settlement date: | April 26
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Dollar-denominated notes
|
| Amount: | $650 million
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Spread: | 394 bps
|
| Price talk: | 6½% to 6¾%
|
|
|
| Euro-denominated notes
|
| Amount: | €400 million
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 508 bps
|
| Price talk: | 5% to 5 1/8%
|
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