OCI Partners LP Announces Closing of $398 million Term Loan B Re-Pricing Transaction
NEDERLAND, Texas, April 4, 2014 /PRNewswire/ -- OCI Partners LP, a Delaware limited partnership, announced today that its wholly owned subsidiary, OCI Beaumont LLC ("OCI-B"), has closed a re-pricing transaction for its $398 million Term Loan B outstanding.
The transaction priced the loan at a LIBOR floor of 100 bps + 400 bps. This repricing is expected to generate $14.5 million of interest savings on a net present value basis. The loan was previously priced at a LIBOR floor of 125 bps + 500 bps. The transaction also maintained all existing financial covenants on the loan as well as the same maturity date of August 20, 2019.
About OCI Partners LP
OCI Partners LP (NYSE: OCIP) owns and operates a recently upgraded, integrated methanol and ammonia production facility that is strategically located on the Texas Gulf Coast near Beaumont. The facility currently has a maximum methanol production capacity of 730,000 metric tons per year and a maximum ammonia production capacity of 265,000 metric tons per year.
This press release contains forward-looking statements. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "believe," "expect," "anticipate," "intend," "estimate" and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. These forward-looking statements involve certain risks and uncertainties, including, among others, that our business plans may change as circumstances warrant. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the "Risk Factors" section of OCI Partners LP's Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission. OCI Partners LP undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.
SOURCE OCI Partners LP