OCI greenshoe exercised, lifts convertibles due 2018 to €339 million

By Tali David

Minneapolis, Sept. 24 - OCI NV said the over-allotment option on its senior convertible bonds due 2018 was partially exercised, increasing the offering by €39 million.

As previously reported, the company priced €300 million of the five-year convertibles on Sept. 18 with a €50 million greenshoe and a 30% initial conversion premium.

Barclays Bank plc and J.P. Morgan Securities plc are joint bookrunners and joint lead managers.

Following the partial exercise of the over-allotment option, the potential dilution as a consequence of conversion of the bonds and the issuance of roughly 1.77 million new ordinary shares is 5.3%. Any cash elections under the terms of the previously announced exchange offers for OCI SAE would reduce dilution.

Proceeds are earmarked for general corporate purposes, including financing the exchange offers, extending the company's existing maturity profile and repaying existing debt.

OCI is a Geleen, Netherlands-based nitrogen-based fertilizer producer and engineering and construction contractor.

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