| DEBT
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• | The Predecessor contributed its 50.49% general partner interest in OCI Wyoming to the Partnership. |
• | Through a series of transactions between OCI Chemical, its commonly controlled subsidiaries and NRP, the 1% limited partner interest in OCI Wyoming owned by Wyoming Co. was restructured resulting in the Partnership's and NRP's general partnership interest in OCI Wyoming being reduced to 40.98% and 39.37%, respectively, and Wyoming Co. and NRP owning a 10.02% and 9.63% limited partner interest in OCI Wyoming, respectively. |
• | Wyoming Co. contributed its 10.02% limited partner interest to the Partnership in exchange for approximately $65.3 million paid from the net proceeds of the IPO. |
• | At the conclusion of the Restructuring, the Partnership owned a 40.98% general partner interest and a 10.02% limited partner interest in OCI Wyoming. NRP owns a 39.37% general partner interest and a 9.63% limited partner interest in OCI Wyoming. |
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($ and unit data in millions, except per unit data) | Three Months Ended March 31, 2014 | ||
Net income attributable to OCI Resources LP | $ | 10.3 | |
Less: General partner's interest in net income | 0.2 | ||
Limited partners' interest in net income | $ | 10.1 | |
Weighted average limited partner units outstanding: | |||
Common - Public and OCI Holdings (basic and diluted) | 9.8 | ||
Subordinated - OCI Holdings (basic and diluted) | 9.8 | ||
Net income per limited partner unit: | |||
Common - Public and OCI Holdings (basic and diluted) | $ | 0.52 | |
Subordinated - OCI Holdings (basic and diluted) | $ | 0.52 |
($ in millions, except per unit data) | Three Months Ended March 31, 2014 | ||
Net income attributable to common unitholders: | |||
Distributions (a) | $ | 4.9 | |
Undistributed earnings | 0.2 | ||
Limited partners' interest in net income | $ | 5.1 | |
Net income attributable to subordinated unitholders: | |||
Distributions (a) | $ | 4.8 | |
Undistributed earnings | 0.2 | ||
Limited partners' interest in net income | $ | 5.0 |
• | first, 98.0% to the common unitholders, pro rata, and 2.0% to our general partner, until we distribute for each common unit an amount equal to the minimum quarterly distribution for that quarter; |
• | second, 98.0% to the common unitholders, pro rata, and 2.0% to our general partner, until we distribute for each outstanding common unit an amount equal to any arrearages in the payment of the minimum quarterly distribution on the common units with respect to any prior quarters; |
• | third, 98.0% to the subordinated unitholders, pro rata, and 2.0% to our general partner, until we distribute for each subordinated unit an amount equal to the minimum quarterly distribution for that quarter; and |
• | thereafter, in the manner described in "General Partner Interest and Incentive Distribution Rights" below. |
Marginal Percentage Interest in Distributions | |||||||
Total Quarterly Distribution per Unit Target Amount | Unitholders | General Partner | |||||
Minimum Quarterly Distribution | $0.5000 | 98.0 | % | 2.0 | % | ||
First Target Distribution | above $0.5000 up to $0.5750 | 98.0 | % | 2.0 | % | ||
Second Target Distribution | above $0.5750 up to $0.6250 | 85.0 | % | 15.0 | % | ||
Third Target Distribution | above $0.6250 up to $0.7500 | 75.0 | % | 25.0 | % | ||
Thereafter | above $0.7500 | 50.0 | % | 50.0 | % |
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($ in millions) | March 31, 2014 | December 31, 2013 | |||||
Raw materials | $ | 7.1 | $ | 5.7 | |||
Finished goods | 9.6 | 10.5 | |||||
Stores inventory | 25.6 | 25.5 | |||||
Total | $ | 42.3 | $ | 41.7 |
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($ in millions) | March 31, 2014 | December 31, 2013 | |||||
Variable Rate Demand Revenue Bonds, principal due October 1, 2018, interest payable monthly, at an annual interest rate of 0.16% at both March 31, 2014 and December 31, 2013, respectively | $ | 11.4 | $ | 11.4 | |||
Variable Rate Demand Revenue Bonds, principal due August 1, 2017, interest payable monthly, at an annual interest rate of 0.16% at both March 31, 2014 and December 31, 2013, respectively | 8.6 | 8.6 | |||||
OCI Wyoming credit facility, floating interest rate expiring July 18, 2018 | 135.0 | 135.0 | |||||
Total debt | 155.0 | $ | 155.0 | ||||
Current portion of long-term debt | — | — | |||||
Total long-term debt | $ | 155.0 | $ | 155.0 |
• | make distributions on or redeem or repurchase units; |
• | incur or guarantee additional debt; |
• | make certain investments and acquisitions; |
• | incur certain liens or permit them to exist; |
• | enter into certain types of transactions with affiliates of OCI Wyoming; |
• | merge or consolidate with another company; and |
• | transfer, sell or otherwise dispose of assets. |
• | a Base Rate, which equals the highest of (i) the federal funds rate in effect on such day plus 0.50%, (ii) the administrative agent's prime rate in effect on such day and (iii) one-month LIBOR plus 1.0%, in each case, plus an applicable margin; or |
• | a LIBOR Rate plus an applicable margin. |
• | make distributions on or redeem or repurchase units; |
• | incur or guarantee additional debt; |
• | make certain investments and acquisitions; |
• | incur certain liens or permit them to exist; |
• | enter into certain types of transactions with affiliates; |
• | merge or consolidate with another company; and |
• | transfer, sell or otherwise dispose of assets. |
• | a Base Rate, which equals the highest of (i) the federal funds rate in effect on such day plus 0.50%, (ii) the administrative agent's prime rate in effect on such day and (iii) one-month LIBOR plus 1.0%, in each case, plus an applicable margin; or |
• | a LIBOR Rate plus an applicable margin. |
($ in millions) | |||
2017 | $ | 8.6 | |
2018 | 146.4 | ||
Total | $ | 155.0 |
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($ in millions) | March 31, 2014 | December 31, 2013 | |||||
Balance at beginning of period | $ | 3.8 | $ | 3.6 | |||
Accretion | 0.1 | 0.2 | |||||
Balance at end of period | $ | 3.9 | $ | 3.8 |
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Three Months Ended March 31, | |||||||
($ in millions) | 2014 | 2013 | |||||
OCI Enterprises | $ | 2.0 | $ | 1.5 | |||
OCI Chemical | 1.0 | 1.1 | |||||
ANSAC (1) | 0.3 | 0.5 | |||||
Total selling, general and administrative expenses - Affiliates | $ | 3.3 | $ | 3.1 |
Three Months Ended March 31, | |||||||
($ in millions) | 2014 | 2013 | |||||
ANSAC | $ | 56.7 | $ | 47.1 | |||
OCI Alabama | 1.5 | 2.0 | |||||
Total | $ | 58.2 | $ | 49.1 |
As of | |||||||||||||||
($ in millions) | March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | |||||||||||
Due from affiliates | Due to affiliates | ||||||||||||||
OCI Enterprises | $ | 0.2 | $ | 0.1 | $ | 5.8 | $ | 2.2 | |||||||
OCI Chemical | 22.4 | 10.5 | 0.2 | — | |||||||||||
OCI Europe | 8.4 | 7.8 | — | — | |||||||||||
OCI Company | — | 1.9 | — | — | |||||||||||
Other | 0.1 | 0.1 | 1.2 | 0.1 | |||||||||||
Total | $ | 31.1 | $ | 20.4 | $ | 7.2 | $ | 2.3 |
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Three Months Ended March 31, | |||||||
($ in millions) | 2014 | 2013 | |||||
Domestic | $ | 48.6 | $ | 50.9 | |||
International | |||||||
ANSAC | 56.7 | 47.1 | |||||
Other | 10.9 | 10.2 | |||||
Total international | 67.6 | 57.3 | |||||
Total net sales | $ | 116.2 | $ | 108.2 |
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| Level 1-inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. |
| Level 2-inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. |
| Level 3-inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. |
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• | The Predecessor contributed its 50.49% general partner interest in OCI Wyoming to the Partnership. |
• | Through a series of transactions between OCI Chemical, its commonly controlled subsidiaries and NRP, the 1% limited partner interest in OCI Wyoming owned by Wyoming Co. was restructured resulting in the Partnership's and NRP's general partnership interest in OCI Wyoming being reduced to 40.98% and 39.37%, respectively, and Wyoming Co. and NRP owning a 10.02% and 9.63% limited partner interest in OCI Wyoming, respectively. |
• | Wyoming Co. contributed its 10.02% limited partner interest to the Partnership in exchange for approximately $65.3 million paid from the net proceeds of the IPO. |
• | At the conclusion of the Restructuring, the Partnership owned a 40.98% general partner interest and a 10.02% limited partner interest in OCI Wyoming. NRP owns a 39.37% general partner interest and a 9.63% limited partner interest in OCI Wyoming. |
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($ and unit data in millions, except per unit data) | Three Months Ended March 31, 2014 | ||
Net income attributable to OCI Resources LP | $ | 10.3 | |
Less: General partner's interest in net income | 0.2 | ||
Limited partners' interest in net income | $ | 10.1 | |
Weighted average limited partner units outstanding: | |||
Common - Public and OCI Holdings (basic and diluted) | 9.8 | ||
Subordinated - OCI Holdings (basic and diluted) | 9.8 | ||
Net income per limited partner unit: | |||
Common - Public and OCI Holdings (basic and diluted) | $ | 0.52 | |
Subordinated - OCI Holdings (basic and diluted) | $ | 0.52 |
Marginal Percentage Interest in Distributions | |||||||
Total Quarterly Distribution per Unit Target Amount | Unitholders | General Partner | |||||
Minimum Quarterly Distribution | $0.5000 | 98.0 | % | 2.0 | % | ||
First Target Distribution | above $0.5000 up to $0.5750 | 98.0 | % | 2.0 | % | ||
Second Target Distribution | above $0.5750 up to $0.6250 | 85.0 | % | 15.0 | % | ||
Third Target Distribution | above $0.6250 up to $0.7500 | 75.0 | % | 25.0 | % | ||
Thereafter | above $0.7500 | 50.0 | % | 50.0 | % |
($ in millions, except per unit data) | Three Months Ended March 31, 2014 | ||
Net income attributable to common unitholders: | |||
Distributions (a) | $ | 4.9 | |
Undistributed earnings | 0.2 | ||
Limited partners' interest in net income | $ | 5.1 | |
Net income attributable to subordinated unitholders: | |||
Distributions (a) | $ | 4.8 | |
Undistributed earnings | 0.2 | ||
Limited partners' interest in net income | $ | 5.0 |
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($ in millions) | March 31, 2014 | December 31, 2013 | |||||
Raw materials | $ | 7.1 | $ | 5.7 | |||
Finished goods | 9.6 | 10.5 | |||||
Stores inventory | 25.6 | 25.5 | |||||
Total | $ | 42.3 | $ | 41.7 |
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($ in millions) | March 31, 2014 | December 31, 2013 | |||||
Variable Rate Demand Revenue Bonds, principal due October 1, 2018, interest payable monthly, at an annual interest rate of 0.16% at both March 31, 2014 and December 31, 2013, respectively | $ | 11.4 | $ | 11.4 | |||
Variable Rate Demand Revenue Bonds, principal due August 1, 2017, interest payable monthly, at an annual interest rate of 0.16% at both March 31, 2014 and December 31, 2013, respectively | 8.6 | 8.6 | |||||
OCI Wyoming credit facility, floating interest rate expiring July 18, 2018 | 135.0 | 135.0 | |||||
Total debt | 155.0 | $ | 155.0 | ||||
Current portion of long-term debt | — | — | |||||
Total long-term debt | $ | 155.0 | $ | 155.0 |
($ in millions) | |||
2017 | $ | 8.6 | |
2018 | 146.4 | ||
Total | $ | 155.0 |
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($ in millions) | March 31, 2014 | December 31, 2013 | |||||
Balance at beginning of period | $ | 3.8 | $ | 3.6 | |||
Accretion | 0.1 | 0.2 | |||||
Balance at end of period | $ | 3.9 | $ | 3.8 |
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Three Months Ended March 31, | |||||||
($ in millions) | 2014 | 2013 | |||||
OCI Enterprises | $ | 2.0 | $ | 1.5 | |||
OCI Chemical | 1.0 | 1.1 | |||||
ANSAC (1) | 0.3 | 0.5 | |||||
Total selling, general and administrative expenses - Affiliates | $ | 3.3 | $ | 3.1 |
Three Months Ended March 31, | |||||||
($ in millions) | 2014 | 2013 | |||||
ANSAC | $ | 56.7 | $ | 47.1 | |||
OCI Alabama | 1.5 | 2.0 | |||||
Total | $ | 58.2 | $ | 49.1 |
As of | |||||||||||||||
($ in millions) | March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | |||||||||||
Due from affiliates | Due to affiliates | ||||||||||||||
OCI Enterprises | $ | 0.2 | $ | 0.1 | $ | 5.8 | $ | 2.2 | |||||||
OCI Chemical | 22.4 | 10.5 | 0.2 | — | |||||||||||
OCI Europe | 8.4 | 7.8 | — | — | |||||||||||
OCI Company | — | 1.9 | — | — | |||||||||||
Other | 0.1 | 0.1 | 1.2 | 0.1 | |||||||||||
Total | $ | 31.1 | $ | 20.4 | $ | 7.2 | $ | 2.3 |
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Three Months Ended March 31, | |||||||
($ in millions) | 2014 | 2013 | |||||
Domestic | $ | 48.6 | $ | 50.9 | |||
International | |||||||
ANSAC | 56.7 | 47.1 | |||||
Other | 10.9 | 10.2 | |||||
Total international | 67.6 | 57.3 | |||||
Total net sales | $ | 116.2 | $ | 108.2 |
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