OCI Resources amends credit agreement to change some covenants

By Jennifer Chiou

New York, Nov. 4 – OCI Resources LP and OCI Wyoming LLC entered into on Thursday amendments to their credit agreements with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Among other things, the changes include the following:

• Revision of the operation of the consolidated fixed-charge coverage ratio to result in consolidated cash flow being reduced by consolidated maintenance capital expenditures;

• Modification of the consolidated fixed-charge coverage ratio in the OCI Resources credit agreement to be not less than 1.05 to 1.00 for the remainder of the 2014 fiscal year and the 2015 fiscal year and not less than 1.10 to 1.00 thereafter;

• Modification of the consolidated fixed-charge coverage ratio in the OCI Wyoming credit agreement to be not less than 1.10 to 1.00 for the remainder of the 2014 fiscal year and the 2015 fiscal year, and not less than 1.15 to 1.00 thereafter; and

• Requirement that consolidated capital expenditures not exceed $50 million in any fiscal year.

OCI Resources is a subsidiary of Atlanta-based OCI Chemical Corp., which operates the trona ore mining and soda ash production business of OCI Wyoming.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.