OCI Partners, OCI Beaumont amend revolver and term loan agreements

By Jennifer Chiou

New York, June 19 – OCI Partners LP and subsidiary OCI Beaumont LLC entered into on June 13 an amendment for their revolving credit agreement with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The companies specifically changed certain sections of the loan agreement so that liens permitted by Section 10.01(ii) cannot be for debt that is overdue, clarified that Section 10.01(xiv) permits the granting of liens in connection with hedge agreements permitted under the terms of the revolver and revised the intercompany subordination agreement in connection with the facility to note that intercompany debt will be subordinate to the obligations owed to counterparties under hedge agreements.

In addition, the companies and OCI USA Inc. amended their term loan credit agreement with Bank of America as administrative agent to make similar changes.

Nederland, Texas-based OCI owns and operates an integrated methanol and ammonia production facility.

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