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Commodities & Metals

Mosaic Secures Larger Credit Facility (MOS)

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By Douglas A. McIntyre Updated Published
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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 a $450 million revolving credit facility scheduled to mature in February 2010.  In short, this is a larger credit facility that may be at more flexible terms to the company considering how the sector and environment have been.

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

Contact [email protected] for any questions or corrections.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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