NEDERLAND, Texas, March 15, 2018 /PRNewswire/ -- OCI Partners LP
(NYSE: OCIP), a Delaware limited
partnership (the "Partnership"), today announced the March 13, 2018 closing of its previously
announced $455 million term loan B
facility (the "Term Loan B Facility") and $40 million revolving credit facility (the
"Revolving Credit Facility") pursuant to a Credit Agreement, dated
as of March 13, 2018, among the
Partnership, the lenders party thereto from time to time and Bank
of America, N.A., as administrative agent.
The Partnership used the proceeds of the Term Loan B Facility
primarily to repay in full the previous term loan facility and to
repay in full outstanding intercompany loans from and intercompany
payables due to OCI N.V.
The initial interest rate on the Term Loan B will be, at the
Partnership's option, LIBOR plus 4.25% or a base rate plus 3.25%.
The Term Loan B will mature on March 13,
2025. The entry into the Term Loan B Facility is expected to
generate material interest savings relative to the facility it
replaced, and will extend maturities significantly.
Outstanding principal amounts under the Revolving Credit
Facility bear interest at an initial interest rate of, at the
Partnership's option, LIBOR plus 3.75% or a base rate plus 2.25%.
The Revolving Credit Facility matures on March 13, 2020.
Both facilities include a leverage-based pricing stepdown
provision.
About OCI Partners LP
OCI Partners LP owns and operates an integrated methanol and
ammonia production facility that is strategically located on the
Texas Gulf Coast near Beaumont.
The Partnership is headquartered in Nederland, Texas and currently has a methanol
production design capacity of 912,500 metric tons per year and an
ammonia production design capacity of 331,000 metric tons per
year.
Forward-Looking Statements
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," "could," "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,
the following: our business plans may change as the methanol and
ammonia industry and markets warrant; the demand and sales prices
for methanol, ammonia and their derivatives may decrease due to
market, governmental and other factors; we may be unable to obtain
economically priced natural gas and other feedstocks; we may be
unable to successfully implement our business strategies, including
the completion of significant capital programs; the occurrence of
shutdowns (either temporary or permanent) or restarts of existing
methanol and ammonia facilities (including our own facility); the
timing and length of planned and unplanned downtime; the occurrence
of operating hazards from accidents, fire, severe weather, floods
or other natural disasters. 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 Annual Report on Form
10-K for the year ended December 31,
2017 and in the Partnership's other filings with the
Securities and Exchange Commission, copies of which are available
to be viewed or downloaded at www.ocipartnerslp.com by selecting
"SEC Filings" on the "Financial Reporting" sub-tab found under the
"Investor and Media Relations" tab, as well as on the SEC's website
at www.sec.gov. Interested investors may obtain a hard copy of the
Partnership's Annual Report on Form 10-K, including the
Partnership's financial statements, free of charge by selecting
"Annual Report" on the "Financial Reporting" sub-tab found under
the "Investor and Media Relations" tab. 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.
Contacts:
Hans
Zayed
Director of Investor Relations
Phone: +1 917-817-5159
hans.zayed@oci.nl
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SOURCE OCI Partners LP