INITIAL PUBLIC OFFERING OF OCI PARTNERS LP | 9 Months Ended |
Sep. 30, 2013 |
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INITIAL PUBLIC OFFERING OF OCI PARTNERS LP | ' |
2. INITIAL PUBLIC OFFERING OF OCI PARTNERS LP |
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On June 14, 2013, the Partnership filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”) relating to a proposed underwritten initial public offering (“IPO”) of common units representing limited partner interests in the Partnership, which was subsequently amended on July 23, 2013, August 12, 2013, September 9, 2013, and September 23, 2013 and became effective on October 3, 2013. On October 3, 2013, the Partnership priced 17,500,000 common units in its IPO at a price to the public of $18.00 per unit, and on October 4, 2013, the Partnership’s common units began trading on the New York Stock Exchange under the symbol “OCIP.” On October 9, 2013, the Partnership closed its IPO of 17,500,000 common units, and issued 60,375,000 common units to OCI USA. On November 4, 2013, in connection with the expiration of the underwriters’ over-allotment option period, the Partnership issued an additional 2,625,000 common units to OCI USA pursuant to the terms of the underwriting agreement and contribution agreement entered into in connection with the IPO. |
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The net proceeds from the IPO of approximately $295,313, after deducting the underwriting discount and the structuring fee, were used to: (i) repay the Term B-1 Loan (as defined in note 5(b) of the financial statements of OCI Beaumont, LLC) in the amount of approximately $125,000, and accrued interest on the Term B-1 Loan of $1,085 and (ii) provide the Partnership working capital of approximately $169,228 with the funds to be utilized to pay a portion of the costs of the Partnership’s debottlenecking project and other capital projects incurred after the completion of the IPO. |
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In connection with the closing of the IPO, OCI USA contributed its interests in OCI Beaumont LLC (the “Company”) to the Partnership, and the Partnership issued an aggregate of 60,375,000 common units to OCI USA on October 9, 2013. On November 4, 2013, in connection with the expiration of the underwriters’ over-allotment option period, the Partnership issued an additional 2,625,000 common units to OCI USA pursuant to the terms of the underwriting agreement and contribution agreement entered into in connection with the IPO. Upon the closing of the IPO, the historical financial statements of the Company became the historical financial statements of the Partnership. |
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