OCI calls all 3 1/8% notes, some 2025 notes in two series, IFCo bonds

By Rebecca Melvin

Concord, N.H., Dec. 10 – OCI NV has given notice of a conditional redemption of the principal amount outstanding of its €300 million 3 1/8% senior secured notes due 2024, according to a press release.

The notes will be redeemed at 101.5625 plus accrued interest to, but excluding, the Dec. 20 redemption date.

The company is also exercising its option to redeem 10% of its 3 5/8% senior secured notes due 2025 and 10% of its 4 5/8% senior secured notes due 2025, or €40 million and $36 million, respectively.

The redemption price for those notes is 103 plus accrued interest to, but excluding, the Dec. 20 redemption date.

The redemptions are conditional upon OCI having financing in place in an amount sufficient to fund the redemption amount.

Separately, OCI subsidiary Iowa Fertilizer Co. LLC exercised the option to redeem the remaining $40 million outstanding of the Iowa Finance Authority Midwestern Disaster Area revenue refunding bonds (Iowa Fertilizer Co. Project), series 2019.

Those bonds will be redeemed at a redemption price of 101.5 on the Dec. 29 redemption date.

The transactions are expected to result in a reduction in OCI’s finance costs of about $15 million per year from 2022 onwards.

OCI is a Netherlands-based producer of fertilizers and chemicals.

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