Daily News Egypt

Consent solicitation, exchange offer for Iowa Fertilizer Company bonds successfully completed: OCI - Daily News Egypt

Advertising Area




Advertising Area




Consent solicitation, exchange offer for Iowa Fertilizer Company bonds successfully completed: OCI

Orascom Constructions Industries (OCI) and Iowa Fertilizer Company announced in a statement released on Monday the successful completion of its previously announced consent solicitation and exchange offer on the Midwestern Disaster Area Revenue Bonds and the Series 2013 Bonds. According to the statement, the exchange offer involves the tender of $147m in aggregate principal amounts …


Orascom Constructions Industries (OCI) and Iowa Fertilizer Company announced in a statement released on Monday the successful completion of its previously announced consent solicitation and exchange offer on the Midwestern Disaster Area Revenue Bonds and the Series 2013 Bonds.

According to the statement, the exchange offer involves the tender of $147m in aggregate principal amounts of Series 2013 Bonds, which mature in December 2019, through the issuance of new Series 2016 bonds, which will mature 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, according to OCI, will give Iowa Fertilizer Company more flexibility going forward and will reduce its third party debt obligations over the next 18 months by $142m, providing a significantly improved liquidity profile as the facility begins operations.

The statement added that 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, an acceleration agreement with its EPC contractor, and allowing for an increase in permissible working capital credit facility from $30m to $50m.

Citigroup Global Markets Inc. served as dealer-manager, and Globic Advisers served as the information and tabulation agent.

https://www.dailynewsegypt.com/2016/11/28/consent-solicitation-exchange-offer-iowa-fertilizer-company-bonds-successfully-completed-oci/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe