Orascom Construction Industries (OCI) said on Tuesday its Dutch unit OCI Nitrogen B.V. had raised €175 million for working capital and to refinance a loan for the unit’s purchase.
The facilities comprise a €100 million term loan and €75 million in revolving credit to replace bridge financing that OCI arranged for its €310 million 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 tons of nitrogen-based fertilizer and 0.24 million tons of melamine in Egypt and the Netherlands.
It will have 8 million tons of nitrogen-based fertilizer capacity by 2012, including 2 million tons at its new Algerian complex due to come on stream next year.
