CF Industries, Inc. -- CF Industries announced combination with OCI N.V. assets is a credit positive, ratings unchanged

New York, August 07, 2015 -- Moody's Investors Service says that CF Industries' (Baa2 stable) announced agreement to combine with certain businesses of OCI N.V. (unrated) in a deal valued at approximately $8 billion is credit positive. The combination with the OCI N.V. businesses will fundamentally benefit CF's scale, geographic and product diversity, and corporate structure. While CF has not disclosed all of the details of the transaction, it did indicate that it would remain within its previously stated leverage target of 2.0x-2.5x and expects to remain investment grade. The $8 billion deal is dependent on CF's share price and includes the assumption of approximately $2 billion in net debt from the OCI N.V. assets; CF has a $4 billion committed bridge loan and will put its permanent financing structure in place prior to deal close. The combination is not expected to close until mid-2016 and is subject to regulatory approvals. There is no change to the ratings or outlook.

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