OCI upsizes, sets final tranche sizes, pricing in two-part secured notes offering; pricing Friday

By Paul A. Harris

Portland, Ore., Oct. 11 – OCI NV upsized the tranches in its two-part cross-border offering of five-year senior secured notes (Ba3/BB/BB) and set prices, according to market sources.

The deal features an upsized $600 million amount of 5¼% notes. The dollar tranche is upsized from $500 million. Price talk was 5¼% to 5½%. Initial talk was in the low 5% area.

The euro-denominated tranche is finalized as an upsized €700 million amount of 3 1/8% notes. The tranche is upsized from €500 million. Price talk was in the 3¼% area.

Final terms are expected to be available later on Friday.

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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