Commentary & Deal Flow

OCI NV (OCINV) approx US$850m equivalent (US$/EUR) 144A/Reg S sr sec notes 2-part due 2025 (5y). Ba3/BB/(expect BB) (negative/negative/--). Via Barc (B&D) /BofA/HSBC joint glocos/BNPP/Citi/CA/GS/JPM/Rabo/SocGen joint books. No reg rights. List ISE. NY law.

- EUR350m due 2025 (5y). NC2 (MWC B+50bp) (par + 50%, 25%, par). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103. IPT: 3.75%-4.00%. Px talk: 3.75% area.

- US$450m due 2025 (5y). NC2 (MWC T+50bp) (par + 50%, 25%, par). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103. IPT: 5.00% area. Px talk: 4.50%-4.75%.

Did investor call at 2:30pm UKT/9:30am NYT 09/29. Books close: EUR at 11:30am UKT tomorrow (09/30); US$ at 5pm today. EUR and USD tranches to price and allocate together during NY morning tomorrow (09/30). UOP: along with an approx $300m draw on its revolver to repay its US$650m 6.625% sr sec notes due 04/15/23 (callable at 103.3125) and EUR400m 5.00% sr sec notes due 04/15/23 (callable at 102.50). The Sawiris family are the principal shareholders with 54.37% ownership stake. Biz: is a leading global producer and distributor of nitrogen products and methanol with global manufacturing footprint. HQ: Amsterdam, Netherlands.