03 September 2013 20:41 [Source: ICIS news]
HOUSTON (ICIS)--OCI Resources, a trona mining and soda ash production affiliate of OCI Chemical, announced on Tuesday the terms for its $115m (€87m) initial public offering for a master limited partnership (MLP).
In an amended filing with the Securities and Exchange Commission, the US-based producer said that it will issue 5m common units estimated to be priced at between $19-21 each. Additionally, Citigroup and Goldman Sachs, joint book-running managers of the deal, will have an option to buy another 750,000 common units during the 30 days after the offering. Barclays and Credit Suisse are serving as co-managers.
The partnership will own 25.1-28.8% of the operation, depending on whether the underwriters exercise their buy options, OCI Resources said in a press release.
The ownership partners will retain 2% general partner interest and the remaining limited partnership interest in the MLP, the Atlanta, Georgia-based company said in its announcement.
The units will be traded on the New York Stock Exchange under the ticker “OCIR”.
The offering values the entire operation at about $400m
OCI operates the mining and soda ash production facilities in the ?xml:namespace>
On its website, OCI Chemical says the nameplate capacity of the
The company also reported provable and probable reserves of 267.1m short tons (242.3m tonnes) of trona, the ore used to make soda ash. The company’s trona reserve is enough to produce 145.5m short tons of natural soda ash, according to the filing.
OCI Resources is affiliated with OCI Enterprises, the North American subsidiary of
OCI operates a soda ash facility in
($1 = €0.76)
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