DeZwarteRidder schreef op 14 juni 2019 20:55:
Iowa Fertilizer Company Successfully Prices $120 Million of Bonds for Refinancing of 2022 Maturity at a 3.125% Interest Rate
March 29 2019
IFCo Successfully Prices $120m of bonds vF_1.pdf
OCI NV (Euronext: OCI) announced today that its wholly-owned subsidiary Iowa Fertilizer Company has priced $120 million of tax-exempt bonds maturing in 2022 at an interest rate of 3.125%, replacing existing bonds with a 5.5% interest rate and the same maturity. This transaction was very well received in the market with more than $1.4 billion of orders during the initial offering period from both existing and new institutional investors.
“We are pleased that the new bonds have attracted a strong interest from the capital markets and achieved a low interest rate, reflecting the successful ramp-up of our plants”, said Nassef Sawiris, Chief Executive Officer of OCI N.V. “This highlights the market’s view of our vastly improved credit profile and demonstrates that we are well on our way to optimize our capital structure and lower interest expense through stable operations and the deleveraging of our balance sheet. Securing the lower cost of capital further enhances IFCo’s competitive low-cost profile”.
Closing is expected to occur on 3 April 2019 and is subject to customary closing conditions.
Citigroup Global Markets served as sole underwriter for the transaction