Oxea has seen strong performance in both its oxo intermediates and oxo derivatives businesses in 2017, driven by improved industry fundamentals and benefits of management initiatives. The company received an upgrade in outlook from credit rating agencies in September 2017: Standard & Poor’s changed its outlook from stable to positive, and Moody’s changed its outlook from negative to positive.
“The successful refinancing reflects the success of our forward-thinking risk management and the support from our board. With sustained momentum in performance and continued support from our shareholder Oman Oil Company, we now have a clear runway and great flexibility to implement our strategy underpinned by innovation, growth, and optimization. Oxea will continue to generate strong cash flows and is well positioned for the next phase of its growth,” said Dr. Salim Al Huthaili, CEO of Oxea.
Perella Weinberg Partners served as advisor to Oxea for the transaction. Bank of America Merrill Lynch (lead-left on the dollar-denominated tranche) and HSBC (lead-left on the euro-denominated tranche) were lead bookrunners in the process, with J.P. Morgan and UniCredit as joint bookrunners and LBBW acting as lead arranger.