Plymouth, Minn.-The Mosaic Co. said April 26 that it is notifying the lenders under its senior secured bank credit facility that it is electing to prepay $250.0 million principal amount of term loans under the facility on May 1, 2007. After the prepayments, outstanding term loans under the facility will be reduced to $34.5 million principal amount of term loan A borrowings, $301.2 million principal amount of term loan A-1 borrowings, and $465.3 million principal amount of term loan B borrowings. The prepayments are being made from available cash generated by the ongoing business operations. Mosaic sees the prepayments as a significant step in its plan to reduce outstanding borrowings, strengthen its balance sheet, and achieve investment grade credit ratings.
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