Mosaic Secures Larger Credit Facility (MOS)
The Mosaic Company (NYSE: MOS) has just announced a new unsecured credit facility with a syndicate of banks. While credit has been tight for many companies, this new three-year $500 million unsecured facility replaces a secured credit agreement that included…
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Wells Fargo is listed as the Administrative Agent, while Bank of Montreal is the Syndication Agent for the new facility. JPMorgan Chase, BNP Paribas. and U.S. Bank are listed as the joint Documentation Agents.
Mosaic went on to note that this new unsecured facility completes the company’s investment grade capital structure. This along with its cash holdings, according to Mosaic, provides additional flexibility to the company.
The Mosaic Company is one of the world’s top producers and marketers of concentrated phosphate and potash crop nutrients. The whole sector had issues around the earnings after a wave of warnings over the last 60-day period.
Shares closed down over 3% at $49.23, and shares are indicated down at $49.09 in the after-hours session.
JON C. OGG
JULY 29, 2009
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