OCI sizes secured note offering at $500 million and €500 million, sets talk; pricing Friday

By Paul A. Harris

Portland, Ore., Oct. 10 – OCI NV set tranche sizes and price talk on its cross-border offering of five-year senior secured notes (Ba3/BB/BB), according to market sources.

The deal features $500 million of the notes talked to yield 5¼% to 5½% and €500 million talked to yield in the 3¼% area.

Initial talk on the dollar-denominated tranche had the notes coming to yield in the low 5% area, a trader said, and added that early Thursday morning the deal was heard to be playing to around $150 million of orders.

Orders for the euro-denominated notes were showing much stronger demand, with around €600 million in the book, the trader said.

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.

OCI is a Netherlands-based producer of fertilizers and chemicals.

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