OCI N : Announces Conditional Notices of Redemption of N.V.’s Senior Secured Notes and IFCo Bonds for an Aggregate Amount of Approximately $460 Million
December 10, 2021 at 02:12 am EST
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Press Release
Amsterdam, The Netherlands / 10 December 2021
OCI N.V. Announces Conditional Notices of Redemption of N.V.'s Senior Secured Notes and IFCo Bonds for an Aggregate Amount of Approximately $460 Million
OCI N.V. (Euronext: OCI) today announced that it has given notice to the holders of its €300 million 3.125% Senior Secured Notes due 2024 (the "2024 EUR Notes") of the conditional redemption of all of the aggregate principal amount of the outstanding 2024 EUR Notes. The redemption price will be 101.5625% of the aggregate principal amount of the 2024 EUR Notes outstanding, plus accrued and unpaid interest and Additional Amounts, if any, to, but not including, the Redemption Date (as defined below).
In addition, OCI has exercised the option to redeem 10% of its 3.625% Senior Secured Notes due 2025 (the "2025 EUR Notes") and 10% of its 4.625% Senior Secured Notes due 2025 (the "2025 USD Notes" and, together with the 2024 EUR Notes and the 2025 EUR Notes, the "Notes"), or a total redemption of €40 million and $36 million of the aggregate principal outstanding amounts of the 2025 EUR Notes and 2025 USD Notes, respectively, each at a redemption price of 103% of the principal amount thereof, plus accrued and unpaid interest and Additional Amounts, if any, to, but not including, the Redemption Date.
The redemption date for the Notes is expected to be December 20, 2021 (the "Redemption Date"). The redemptions of the Notes are conditional upon OCI having financing in place in an amount sufficient (as determined by the Issuer in its sole and absolute discretion) to fund the necessary redemption amounts on the Redemption Date.
Separately, OCI's subsidiary, Iowa Fertilizer Company LLC, exercised the option to redeem the remaining balance of $40 million on the outstanding principal amount of the Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds (Iowa Fertilizer Company Project), Series 2019 at a redemption price of 101.5%. The expected redemption date is December 29, 2021.
These transactions are expected to result in a reduction in OCI's finance costs of approximately $15 million per annum from 2022 onwards and marks the continuation of the company's financial policy to optimize its capital structure. OCI will continue to evaluate opportunities to achieve similar objectives.
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About OCI N.V.
OCI N.V. (Euronext: OCI) is a leading global producer and distributor of nitrogen and methanol products providing lower carbon fertilizers, fuels, and feedstocks to agricultural, transportation, and industrial customers around the world. OCI's production capacity spans four continents and comprises approximately 16.2 million metric tons per year of nitrogen fertilizers, methanol, biofuels, diesel exhaust fluid, melamine, and other nitrogen products. OCI has more than 3,600 employees, is headquartered in the Netherlands and listed on Euronext in Amsterdam.
For additional information contact:
OCI N.V. Investor Relations:
Hans Zayed
Director
Email: hans.zayed@oci.nl
Tel: +31 (0) 6 18 251 367
For additional information on OCI:
www.oci.nl
OCI stock symbols: OCI / OCI.NA / OCI.AS
Honthorststraat 19
1071 DC Amsterdam
The Netherlands
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OCI NV published this content on 10 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 December 2021 07:11:11 UTC.
OCI N.V. is a world-leading producer and distributor of nitrogen, methanol and hydrogen products, driving forward the decarbonization of the energy-intensive industries that shape, feed and fuel the world. Through its cleaner products and practical solutions, OCI N.V. is improving the way to work and live by making transport cleaner, products greener and harvests better.
As a game-changing leader in its industry, the group is supporting food and energy security today, and developing cleaner solutions for tomorrow.
OCI N.V. is strategically positioned with unrivalled global capabilities and assets, giving it the infrastructure and network to deliver high-quality products at speed and scale.
OCI N : Announces Conditional Notices of Redemption of N.V.’s Senior Secured Notes and IFCo Bonds for an Aggregate Amount of Approximately $460 Million