Saskatoon-Potash Corp. of Saskatchewan Inc. on Dec. 11 entered into a $2.5 billion revolving term credit facility with several lenders, including The Bank of Nova Scotia, which also acted as agent. The facility, which will mature on Dec. 11, 2012, replaces PotashCorp’s amended and restated credit agreement dated as of Jan. 21, 2009. The prior credit facility was scheduled to mature on May 28, 2010, and provided for total borrowings of $1.85 billion. PotashCorp says that other than the amount of available borrowings and the maturity date, the credit facility contains terms and conditions that are substantially similar to the prior credit facility. PotashCorp plans to use the proceeds from the credit facility for working capital and other general corporate purposes.
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