OCI Global, a leading global producer and distributor of hydrogen products announced that it has reached a support agreement with a group of holders of its U.S.$ 600,000,000 6.700 per cent Notes due 2033 , relating to the treatment of the bonds following the completion of the announced sale of OCI’s Global Methanol Business to Methanex Corporation (the “MetCo Transaction”). The bondholder group includes members holding bonds with a principal amount in excess of 60% of the total outstanding principal amount of the bonds.
Under the terms of the Support Agreement:
OCI agrees that it will launch a tender offer for the bonds within 5 business days of the successful closing of the MetCo Transaction, and each member of the bondholder group agrees to support and tender into any such tender offer. The tender offer will be on customary terms and offer a price of 110.75% of par, plus accrued and unpaid interest;
and each member of the bondholder group agrees that it will support any amendment to the bonds proposed by OCI, which amends the documentation governing the bonds to insert a right of OCI to redeem the bonds on or after the closing of the MetCo Transaction at a price of 110.75% of par, plus accrued and unpaid interest, and waiving any alleged defaults or events of default that may be outstanding under the documentation governing the bonds.
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Press release https://tinyurl.com/yx9t73bf
