OCI N.V. Announces a Conditional Notice of Redemption of €400,000,000 of its 3.125% €700,000,000 Senior Secured Notes Due 2024
02 November 2021
OCI N.V. (Euronext: OCI) today announced that it has given notice (the "Notice") to the holders of its €700,000,000 3.125% Senior Secured Notes due 2024 (the "Notes") of the conditional partial redemption of €400,000,000 of the aggregate principal amount of the outstanding Notes.
The redemption date is expected to be November 8, 2021 (the "Redemption Date"). The redemption of the Notes is conditional upon satisfaction of the Condition Precedent (as discussed below).
The redemption price will be 101.5625% of the aggregate principal amount of the Notes outstanding, plus accrued and unpaid interest and Additional Amounts, if any, to, but not including, the Redemption Date.
The redemption of the Notes is conditional upon OCI having financing in place in an amount sufficient (as determined by the Issuer in its sole and absolute discretion) to fund the necessary redemption amount on the Redemption Date (the "Condition Precedent").
This transaction is expected to result in a reduction in OCI N.V.’s finance costs of approximately $14.5 million per annum from 2022 onwards and marks the continuation of the company’s financial policy to optimize its capital structure. OCI will continue to evaluate opportunities to achieve similar objectives.