Plymouth, Minn.-The Mosaic Co. on Dec. 21 announced that it is notifying the lenders under its senior secured bank credit facility of its election to prepay $150 million principal amount of term loans under the facility on Dec. 31, 2007. “This prepayment reflects a very important milestone for Mosaic,” said Jim Prokopanko, president and CEO. “We have successfully prepaid $1 billion of long-term debt in the past eight months, and we’ve also established a strong financial base from which to grow.” The prepayments will consist of $56.4 million principal amount of Term Loan A-1 borrowings and $87.1 million principal amount of Term Loan B borrowings by Mosaic, and $6.5 million principal amount of Term Loan A borrowings by its subsidiary, Mosaic Potash Colonsay ULC. After the prepayments, outstanding term loans under the facility will be reduced to $2.2 million principal amount of Term Loan A borrowings, $19.2 million principal amount of Term Loan A-1 borrowings, and $29.6 million principal amount of Term Loan B borrowings. With the prepayment on December 31, 2007, during the last eight months Mosaic will have used cash generated by its ongoing business operations to prepay $1 billion of long-term debt. Mosaic considers the prepayments to be a significant step in its plan to reduce outstanding borrowings, strengthen its balance sheet, and achieve investment grade credit ratings.
Transparency Across the Fertilizer Value-Chain