OCI Enterprises Inc. Completes Sale of General Partner and Limited Partner Interests in OCI Resources LP to Ciner Enterprises Inc. of Ciner Group and OCI Resources LP Will Change Name to Ciner Resources LP
OCI Enterprises Inc., the North American subsidiary of OCI Company Ltd. of Seoul, Korea, recently announced it has completed the previously-announced sale of its approximately 73% limited partner interest in OCI Resources LP OCIR, -0.58%, as well as its 2% general partner interest and related incentive distribution rights, to Ciner Enterprises Inc., an affiliate of Ciner Group of Istanbul, Turkey, for a total consideration amount of approximately $430 million.In connection with the closing of the transaction, the Partnership will change its name to Ciner Resources LP, with such name change expected to be effective on November 5, 2015, and the publicly traded units of the Partnership are expected to begin trading the following day (November 6, 2015) after the open of market trading on the New York Stock Exchange under a new ticker symbol – CINR.
OCI Resources will continue to operate as a publicly traded Master Limited Partnership with the current management team remaining with the Partnership. The transaction does not involve the sale or purchase of any OCI Resources common units held by the public.In connection with these changes, the general partner of the Partnership will also change its name to Ciner Resource Partners LLC and OCI Wyoming LLC (“OCI Wyoming”) will change its name to Ciner Wyoming LLC, with such name changes expected to be effective on November 5, 2015.OCI Resources owns a controlling interest comprised of a 51% membership interest in OCI Wyoming, one of the largest and lowest-cost producers of natural soda ash in the world. Ciner Group, through its subsidiary, Eti Soda, operates a natural soda ash production facility in the world’s second largest trona ore bed located in Beypazari, Turkey.
“Ciner Group has been expanding their position in the global soda ash market and we are excited about this partnership and how it could expedite the cash flow growth of OCI Resources,” said OCI Resources President and CEO Kirk Milling.“Ciner Group is pleased to welcome OCI Resources to our family of companies. With its position in markets that are complementary to ours, OCI Resources brings solid operational and financial performance as well as industry-leading safety performance,” said Turgay Ciner, Chairman, Ciner Group.Citi acted as financial advisor, Dechert LLP served as legal advisor to OCI Enterprises Inc. and White & Case LLP served as legal advisor to Ciner Group with the assistance of Regnum Solicitors acting as in-house legal advisor to Ciner Group.