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OCI to significantly reduce debt from fertilizer facility sale
By Mary-Katherine Stinson
Lexington, Ky., Dec. 18 – OCI NV said it will use the proceeds from the sale of subsidiary Iowa Fertilizer Co. LLC to significantly reduce holding company debt, according to a press release.
OCI announced on Dec. 18 it had reached an agreement for the sale of 100% of its indirect interest in the Wever, Iowa facility to Koch Ag & Energy Solutions for a total consideration of $3.6 billion on a tax-free basis, subject to a customary cash, debt and normalized level of working capital adjustment.
The transaction is expected to close in 2024.
Morgan Stanley & Co. International plc is serving as financial adviser to OCI on the transaction. Cleary Gottlieb Steen & Hamilton LLP is acting as its legal adviser.
Amsterdam-based OCI Global is a nitrogen fertilizers producer and engineering and construction contractor. Koch Ag & Energy provides solutions to the agriculture, energy and chemical markets.
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