LONDON (ICIS)--OCI on Monday said it is resetting the capital structure of Fertiglobe, describing the move as an "important milestone" for the 58:42 fertilizer partnership between OCI and ADNOC.
As part of the reset, Fertiglobe is closing a $1.1bn bridge financing at attractive interest rates, of which around $250m will be used to refinance existing debt at Fertiglobe and Egyptian Fertilizer Company (EFC).
The remaining $850m will be paid as a dividend to its two shareholders.
OCI CEO, Ahmed El-Hoshy, said, “As this partnership with ADNOC develops, the benefits we anticipated at the time of formation continue to materialise, and Fertiglobe is increasingly becoming the ideal platform to capture the opportunities offered by the hydrogen economy, while benefiting from a strong sustained recovery in nitrogen markets and generate strong cash flows."
The senior executive added that in addition to the new capital structure, a new dividend policy will be established for Fertiglobe.