By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., March 10 – OCI NV debuted in the investment-grade market with its offering of $600 million 6.7% senior notes due 2033 (ISIN: NL0010558797) guaranteed by subsidiary Iowa Fertilizer Co. LLC, according to a press release.
Pricing came at 280 basis points to Treasuries after talk started in the 300 bps area.
“We are excited to successfully complete our debut in the investment-grade bond market. We are pleased with the support from investors, and the transaction was well-oversubscribed. In addition to extending our conservative debt maturity profile, the transaction also sets a benchmark for future issuances. We will continue to evaluate opportunities that strengthen our balance sheet as we position ourselves at the forefront of the hydrogen energy transition,” chief financial officer Hassan Badrawi said in the press release.
The bookrunners are BofA Securities, JPMorgan and MUFG.
The proceeds of the Rule 144A and Regulation S offering will be used for general corporate purposes and to pay fees and expenses associated with the offering.
Fixed-income investor calls were held Monday.
Amsterdam-based OCI is a nitrogen fertilizers producer and engineering and construction contractor.
| Issuer: | OCI NV
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| Guarantor: | Iowa Fertilizer Co. LLC
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| Amount: | $600 million
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| Issue: | Senior notes
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| Maturity: | March 16, 2033
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| Bookrunners: | BofA Securities, JPMorgan and MUFG
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| Coupon: | 6.7%
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| Spread: | Treasuries plus 280 bps
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| Pricing date: | March 9
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| Settlement date: | March 16
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| Ratings: | S&P: BBB-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Treasuries plus 300 bps area
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| ISIN: | NL0010558797
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