Orascom Construction Industries S.A.E. (OCIC.CA)’s Dutch unit OCI N.V. announced on Wednesday that it intends to contribute its methanol and ammonia facility near Beaumont, Texas to a newly formed limited partnership (the “MLP”) and that it expects the MLP to file a registration statement with the U.S. Securities and Exchange Commission to register an initial public offering (the “IPO”) of common units to be issued by the MLP.
OCI N.V. expects that the initial filing of the registration statement will occur in June 2013.
Subject to market conditions and final approval by OCI N.V.’s board of directors, OCI N.V. anticipates that a minority interest in the MLP will be offered in the IPO in the second half of 2013.
The purpose of the IPO is to raise proceeds to repay outstanding indebtedness of the MLP and to fund expenditures relating to the Beaumont facility’s planned debottlenecking project.
Additional information will be included in the registration statement once publicly filed.