OCI sets roadshow for $1.1 billion equivalent five-year secured notes in dollars and euros

By Paul A. Harris

Portland, Ore., Oct. 7 – Netherlands-based producer of fertilizers and chemicals OCI NV plans to start a roadshow on Tuesday in London West End for its $1.1 billion equivalent cross-border offering of five-year senior secured notes (expected ratings Ba3/BB/BB), according to market sources.

The deal comes in dollar-denominated and euro-denominated tranches.

Initial talk on the dollar-denominated tranche has the notes coming to yield in the low 5% area, a trader said.

The roadshow runs in London City, Paris and Boston on Wednesday and in New York on Thursday.

Global coordinator and joint bookrunning manager Goldman Sachs International will bill and deliver for the Rule 144A and Regulation S offering. Barclays and Citigroup are also global coordinators and joint bookrunning managers.

BofA Securities, BNP Paribas, Credit Agricole CIB, HSBC, JPMorgan, Rabo and SG are joint bookrunners.

The notes in both tranches come with two years of call protection.

Proceeds will be used to refinance credit facilities at OCI Partners and to repay drawings on credit facilities at OCI NV.

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