March 26, 2017 8:34 PM ET

Chemicals

Company Overview of OCI Beaumont LLC

Company Overview

OCI Beaumont LLC owns and operates ammonia and methanol production complex. It has pipeline connections to adjacent customers and port access with dedicated methanol and ammonia import/export jetties. OCI Beaumont LLC was formerly known as Pandora Methanol LLC and changed its name to OCI Beaumont LLC in June, 2012. The company was incorporated in 2010 and is based in Nederland, Texas. Pandora Methanol LLC operates as a subsidiary of OCI Partners LP.

5470 North Twin City Highway

Nederland, TX 77627

United States

Founded in 2010

Phone:

409-723-1900

Fax:

832-747-9966

Key Executives for OCI Beaumont LLC

OCI Beaumont LLC does not have any Key Executives recorded.

OCI Beaumont LLC Key Developments

OCI Beaumont LLC and OCI Partners LP Enter into Amendment to the Revolving Credit Agreement

On January 4, 2017, OCI Beaumont LLC (OCIB) and OCI Partners LP (the Partnership) entered into Amendment No. 6 to the Revolving Credit Agreement dated as of April 4, 2014 (as previously amended by that certain Amendment No. 1 dated as of June 13, 2014, that certain Amendment No. 2 dated as of March 12, 2015, that certain Amendment No. 3 and Waiver dated as of October 16, 2015, that certain Amendment No. 4 dated as of March 11, 2016, that certain Amendment No. 5 dated as of March 17, 2016 and as so amended by RCA Amendment No. 6, the Revolving Credit Facility) with Bank of America, N.A., as administrative agent, and the other lenders party thereto. RCA Amendment No. 6, among other things, (i) added a maximum consolidated senior secured net leverage ratio covenant of (a) 6.25 for the quarter ending March 31, 2017, (b) 5.50 for the quarters ending June 30, 2017 and September 30, 2017, and (c) 5.25 for the quarter ending December 31, 2017, (ii) added a minimum consolidated interest coverage ratio of (a) 1.25 for the quarters ending December 31, 2016 and March 31, 2017, (b) 1.50 for the quarter June 30, 2017, (c) 1.75 for the quarter ending September 30, 2017 and (d) 2.25 for the quarter ending December 31, 2017, (iii) extended the maturity of the Revolving Credit Facility until March 31, 2018, (iv) increased the applicable margin by 1.25%, (v) set the specified liquidity target to be met on a quarterly basis, (vi) added a requirement that proceeds from certain types of debt incurrences be used to clean-up the revolver, (vii) introduced the recurring reduction of the total revolving loan commitment beginning with the quarter ending June 30, 2017 and continuing at the end of each quarter thereafter, (viii) added a requirement that the general liens basket only be used when the consolidated senior secured net leverage ratio does not exceed 2.75 to 1.00 and (ix) updated the computation of certain financial covenants to exclude interest incurred under the Intercompany Term Facility and the Intercompany Revolving Facility.

OCI Beaumont LLC, OCI Partners LP and OCI USA Inc. Enter into Amendment No. 7 to the Term Loan Credit Agreement

On November 30, 2016, OCI Beaumont LLC (OCIB), OCI Partners LP (Partnership) and OCI USA Inc. (OCI USA) entered into Amendment No. 7 (TLCA Amendment No. 7) to the Term Loan Credit Agreement dated as of August 20, 2013 with Bank of America, N.A., as administrative agent, and the other lenders party thereto. The TLCA Amendment No. 7, among other things, (i) increased the maximum consolidated senior secured net leverage ratio covenant (a)from 5.00 to 6.25 for the quarter ending March 31, 2017, (b) from 1.75 to 5.50 for the quarters ending June 30, 2017 and September 30, 2017, (c) from 1.75 to 5.25 for the quarter ending December 31, 2017, and (d) from 1.75 to 4.75 for the quarter ending March 31, 2018 and for each fiscal quarter ending thereafter, (ii) decreased the minimum consolidated interest coverage ratio covenant (a) from 2.50 to 1.25 for the quarters ending December 31, 2016 and March 31, 2017, (b) from 5.00 to 1.50 for the quarter ending June 30, 2017, (c) from 5.00 to 1.75 for the quarter ending September 30, 2017 and (d) from 5.00 to 2.25 for the quarter ending December 31, 2017 and for each fiscal quarter ending thereafter, and (iii) amended the calculation of the interest coverage ratio by excluding interest recorded on subordinated debt from the calculation. In addition, OCIB has agreed to prepay $200.0 million of term loans under the Term Loan B Credit Facility with the proceeds of a borrowing under the Intercompany Term Facility referred to below, and the lenders consenting to TLCA Amendment No. 7 have agreed to waive the 2% premium otherwise applicable to such prepayment.

OCI Beaumont LLC and OCI Partners LP Enter into Amendment No. 5 to the Revolving Credit Agreement

On March 17, 2016, OCI Beaumont LLC (OCIB) and OCI Partners LP (the Partnership) entered into Amendment No. 5 to the Revolving Credit Agreement dated as of April 4, 2014 (as previously amended by that certain Amendment No. 1 dated as of June 13, 2014, that certain Amendment No. 2 dated as of March 12, 2015, that certain Amendment No. 3 and Waiver dated as of October 16, 2015, that certain Amendment No. 4 dated as of March 11, 2016 and as so amended by RCA Amendment No. 5, the Revolving Credit Facility) with Bank of America, N.A., as administrative agent, and the other lenders party thereto. RCA Amendment No. 5 (i) increased the maximum consolidated senior secured net leverage ratio from 1.75 to 4.25 for the quarter ending June 30, 2016, (ii) increased the maximum consolidated senior secured net leverage ratio from 1.75 to 4.75 for the quarter ending September 30, 2016, (iii) increased the maximum consolidated senior secured net leverage ratio from 1.75 to 5.00 for the quarter ending December 31, 2016, (iv) decreased the minimum consolidated interest coverage ratio from 5.00 to 3.00 for the quarter ending June 30, 2016 and to 2.50 for the quarters ending September 30, 2016 and December 31, 2016, (v) extended the maturity of the Revolving Credit Facility until March 31, 2017, (vi) increased the applicable margin by 0.75%, (vii) introduced specified liquidity targets to meet on a quarterly basis for each of the three quarters ending June 30, 2016, September 30, 2016 and December 31, 2016, (viii) imposed the requirement that OCIB repay in full all outstanding revolving loans under the Revolving Credit Facility on the last business day of each fiscal quarter, commencing September 30, 2016, provided that with respect to the repayment occurring on September 30, 2016, OCIB shall only be required to prepay an amount such that no more than $20,000,000 in aggregate principal amount of the revolving loans remain outstanding on such date after giving effect to such prepayment and (ix) increased the applicable commitment fee to 1.40% per annum.

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