- Fertiglobe to refinance outstanding $900 million bridge facility with new 3-year ($300 million) and 5 year ($600 million) term facilities
- The company is also increasing the capacity of its Revolving Credit Facility from $300 million to $600 million, providing ample liquidity
- The new capital structure bolsters Fertiglobe’s flexibility to pursue growth opportunities, while maintaining an attractive dividend profile and investment grade credit ratings.
Abu Dhabi, UAE – 23 December 2022: Fertiglobe (ADX: FERTIGLB), the strategic partnership between ADNOC and OCI N.V. (Euronext: OCI), the world’s largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertilizer producer in the Middle East and North Africa (MENA) region, and an early mover in clean ammonia, today announced refinancing of the outstanding $900 million bridge facility, originally due 2024, with new 3-year ($300 million) and 5 year ($600 million) term facilities. In addition, Fertiglobe increased the capacity of its currently undrawn Revolving Credit Facility (RCF) from $300 million to $600 million and extended the facility’s maturity from 2026 to 2027.
The term facilities carry attractive margins of 150bps and 175bps respectively. The margin on the RCF has been reduced to 140bps compared to the previous facility margin of 175bps. Both transactions were heavily over-subscribed, demonstrating the strong support of Fertiglobe’s expanded bank group and the company’s current leverage and cash flow profile which position it well to maintain an attractive dividend profile and also pursue growth opportunities in the future. The refinancing agreement extends Fertiglobe’s weighted average debt maturity from 1.3 years to 4.3 years and provides ample liquidity.
About Fertiglobe:
Fertiglobe is the world’s largest seaborne exporter of urea and ammonia combined, and an early mover in clean ammonia. Fertiglobe’s production capacity comprises of 6.7 million tons of urea and merchant ammonia, produced at four subsidiaries in the UAE, Egypt and Algeria, making it the largest producer of nitrogen fertilizers in the Middle East and North Africa (MENA), and benefits from direct access to six key ports and distribution hubs
on the Mediterranean Sea, Red Sea, and the Arab Gulf. Headquartered in Abu Dhabi and incorporated in Abu Dhabi Global Market (ADGM), Fertiglobe employs more than 2,600 employees and was formed as a strategic partnership between OCI N.V. (“OCI”) and the Abu Dhabi National Oil Company (“ADNOC”). Fertiglobe is listed on the Abu Dhabi Securities Exchange (“ADX”) under the symbol “FERTIGLB” and ISIN “AEF000901015. To find out more, visit:www.fertiglobe.com.
Fertiglobe Investor Relations
Hans Zayed
Director
[email protected]
Rita Guindy
Director
[email protected]
For additional information on Fertiglobe:
