Cairo-Orascom Construction Industries (OCI) recently announced that its Netherlands-based subsidiary, OCI Nitrogen B.V., has signed debt facilities of €175 million (US$224 million) with the mandated lead arranger Rabobank International. The facilities are structured as a €100 million (US$127.9 million) term loan and a €75 million (US$96 million) revolving credit facility. Rabobank is also the lender of the facility. The facilities will be used to refinance OCI Nitrogen’s working capital/fixed assets debts, which were being bridge-financed by OCI at the closing of OCI Nitrogen’s acquisition of DSM Agro and Melamine assets (GM April 5, p. 15) on June 1 at enterprise value of €310 million (US$396.6 million). OCI has branded the new units OCI Agro and OCI Melamine, and has named Renso Zwiers as CEO of the group, noting that he has extensive experience in the fertilizer business, with almost 20 years in general management with DSM. Additional upper management includes Job ten Berge, CFO, who has been with DSM since 1989; Gert Jan de Geus, chief operating officer; Frank Frissen, director of human resources; Frank Choufoer and Marc van Doorn, responsible for ammonia and fertilizer-related businesses; and Tim Scheerhoorn, leader of the melamine business.
Transparency Across the Fertilizer Value-Chain