Plymouth, Minn.-The Mosaic Co. said Oct. 24 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 Oct. 29, 2007. After the prepayments, outstanding term loans under the facility will be a total of $201.0 million. The prepayments are being made from available cash generated by the ongoing business operations. 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.
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