Plymouth, Minn.-The Mosaic Co. said Dec. 9 that it plans to redeem the remaining $455 million aggregate principal amount of its 7-3/8 percent senior notes due Dec. 2014 pursuant to the terms of the indenture dated Dec. 1, 2006, relating to the notes. The expected redemption date is Jan. 13, 2011. Mosaic expects its annual interest expense will be reduced by approximately $34 million upon the redemption, which will be funded from available cash generated by the ongoing business operations of Mosaic. The notes will be redeemed at a price of $1,036.88 per $1,000 principal amount, together with interest accrued and unpaid to the redemption date. Mosaic will record a charge of approximately $19 million in its fiscal 3Q, primarily related to the call premium and the write-off of unamortized fees.
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