OCI Partners LP Announces Launch of New Incremental Term Loan
NEDERLAND, Texas, Nov. 18, 2013 /PRNewswire/ -- OCI Partners LP, a Delaware limited partnership, announced today that its wholly owned subsidiary, OCI Beaumont LLC ("OCI-B"), has commenced the syndication process for an incremental term loan of $165 million within its existing senior secured term loan credit facility. OCI-B anticipates using the net proceeds from the new term loan to repay existing intercompany debt owing to its affiliate OCI Fertilizer International B.V. There can be no assurances that OCI-B will be successful in its marketing efforts or that it will be able to enter into the new term loan. Closing of the new term loan, which is anticipated to occur in the last week of November 2013, is subject to negotiation and execution of definitive documents, approval of the board of directors of the general partner of the Partnership, and satisfaction of customary closing conditions.
About OCI Partners LP
OCI Partners LP (NYSE: OCIP) is a master limited partnership that 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 methanol production capacity of 730,000 metric tons per year and an 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 and our new term loan may not close as expected. 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 the Partnership's registration statement on Form S-1, as amended (File No. 333-189350), filed with the U.S. Securities and Exchange Commission. The Partnership 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