Orrick Advises Iowa Fertilizer Company on $1.8 Billion Financing


Orrick has advised Iowa Fertilizer Company LLC, a subsidiary of OCI N.V., in the $1.8 billion financing of a new nitrogen fertilizer production plant in Lee County, Iowa. This will be the first world scale natural gas-based fertilizer plant built in the United States in more than 20 years.

It is being financed in part with approximately $1.2 billion of Midwestern Disaster Area Revenue bonds issued by the Iowa Finance Authority. It is the largest issue of tax-exempt, non-investment grade bonds ever to close.

Expected to be completed by the end of 2015, the new plant will help reduce the United States’ dependency upon imported fertilizers. The financing closed on May 15, 2013.

The Orrick team was led by New York public finance partner Albert Simons and included New York tax partner Richard Chirls, New York restructuring partner Lorraine McGowen, New York structured finance partner Nik Mathews, San Francisco energy and infrastructure of counsel Bob Lawrence, New York energy and infrastructure of counsel Vincent Casey, New York real estate of counsel Ralph Stone, Washington, D.C., energy and infrastructure senior associate Dan Knepper, New York energy and infrastructure managing associate Susan Long, New York public finance managing associate Sarah Rackoff, New York public finance associate Jennifer Grew and New York energy and infrastructure associate Victoria Boyne.