28 November 2016

OCI N.V. Announces Successful Completion Of Consent Solicitation And Exchange Offer For Iowa Fertilizer Company Bonds

OCI N.V. (Euronext: OCI) and Iowa Fertilizer Company today announced the successful completion of its previously announced consent solicitation and exchange offer (the “Solicitations”) on the Midwestern Disaster Area Revenue Bonds (Iowa Fertilizer Company Project), Series 2013 Bonds (“Series 2013 Bonds”).

The exchange offer involved the tendering of $147 million of aggregate principal amounts of Series 2013 Bonds maturing in December 2019 through an issuance of new Series 2016 bonds maturing in December 2026 and December 2027. The new Series 2016 Bonds were priced at 5.875% and are interest only until 2026.

The amendments and exchange described in the Solicitations will give Iowa Fertilizer Company more flexibility going forward and will reduce its third party debt obligations over the next 18 months by $142 million, providing a significantly improved liquidity profile as the facility begins operations.

As part of the consent process, Iowa Fertilizer Company also received various other consents, including the removal of a change of control default clause, certain waivers to enter into a settlement and acceleration agreement with its EPC contractor, and allowing for an increase in permissible working capital credit facility from $30 million to $50 million.

Citigroup Global Markets Inc. served as Dealer-Manager, and Globic Advisors served as Information and Tabulation Agent.


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