U.S.-based project financing Iowa Fertilizer Co. (IFCo) is offering bondholders the ability to exchange 40% of the bonds due 2019 with series 2016 bonds due 2026 and 2027. Together with the other requests for which IFCo is seeking approval, we expect that its overall financial position, such as debt service coverage ratios (DSCR), would improve in the near term. Having reviewed the preliminary transaction documentation, we would not consider the offer a distressed exchange under our criteria because it provides adequate compensation to the bondholders. Also, upon a successful consent process, IFCo would have sufficient liquidity to meet it near-term debt service obligations. Of the $233 million subordinated loan extended to IFCo by its parent, OCI N.V., about 95% has
