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OCI fertiliser unit raises 175 mln euros financing

100 mln euro term loan, 75 mln revolving credit.

August 4, 2010 11:10 by

Orascom Construction Industries (OCI) said on Tuesday its Dutch unit OCI Nitrogen B.V. had raised 175 million euros ($229 million) for working capital and to refinance a loan for the unit’s purchase.

The facilities comprise a 100 million euro term loan and 75 million euros in revolving credit to replace bridge financing that OCI arranged for its 310 million euro acquisition of OCI Nitrogen on June 1, Orascom said in an emailed statement.

Rabobank International of the Netherlands is both lead arranger and lender of the two facilities.

Orascom’s fertilizer group has annual production capacity of 5 million tonnes of nitrogen-based fertilizer and 0.24 million tonnes of melamine in Egypt and the Netherlands.

It will have 8 million tonnes of nitrogen-based fertiliser capacity by 2012, including 2 million tonnes at its new Algerian complex due to come on stream next year.

(Writing by Patrick Werr; Editing by Will Waterman)

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