The Mosaic Co., Tampa, on June 24 announced that it has submitted an early redemption notice to the trustee of its $450 million 3.75 percent senior notes. The notes, which mature on Nov. 15, 2021, are expected to be called at par on Aug. 15, 2021, and will result in an immaterial expense in the third quarter. The annual interest expense on these bonds was approximately $17 million.
“In 2019, Mosaic set a goal of decreasing total long-term debt by $1 billion, and this is the first step in reaching that milestone,” said Joc O’Rourke, President and CEO. “Through disciplined cost management and favorable markets, we have generated significant free cash flow, which will continue to be allocated in a balanced approach across the three primary pillars of our capital allocation philosophy: strengthening the balance sheet, investing in the business, and returning capital to shareholders.”