OCI Partners LP Closes Initial Public Offering
NEDERLAND, Texas, Oct. 9, 2013 /PRNewswire/ -- OCI Partners LP, a Delaware limited partnership (the "Partnership"), announced today that it has closed its initial public offering of 17,500,000 common units representing limited partner interests in the Partnership ("Common Units") at $18.00 per Common Unit. The Common Units trade on the New York Stock Exchange under the ticker symbol "OCIP."
BofA Merrill Lynch, Barclays and Citigroup acted as joint book-running managers for the offering. Allen & Company LLC and J.P. Morgan acted as co-managers for the offering.
A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission ("SEC"). The registration statement is available on the SEC's website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About OCI Partners LP
OCI Partners LP 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 Partnership is headquartered in Nederland, Texas. The Partnership 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. The facility is currently undertaking a debottlenecking project that we anticipate will increase its annual methanol production capacity by 25% to approximately 912,500 metric tons and its annual ammonia production capacity by 15% to approximately 305,000 metric tons. The project is expected to be completed during the third quarter of 2014.
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 the prospectus dated October 3, 2013 filed with the SEC, as amended. 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