Saskatoon-based Nutrien Ltd. on June 17 announced the pricing of $400 million aggregate principal amount of 5.2% senior notes due June 21, 2027, and $600 million aggregate principal amount of 5.4% senior notes due June 21, 2034. The offering is expected to close on or about June 21, 2024, subject to customary closing conditions.
The senior notes, registered under the multi-jurisdictional disclosure system in Canada and the US, will not be offered in Canada or to any resident of Canada, Nutrien said. The offering will be made by way of a prospectus supplement dated June 17, 2024, to Nutrien’s short form base shelf prospectus dated March 22, 2024.
Nutrien said it intends to use the net proceeds from this offering to repay its $500 million aggregate principal amount of 5.9% senior notes upon their maturity on Nov. 7, 2024, to reduce outstanding indebtedness under its short-term credit facilities, to finance working capital, and for general corporate purposes.
Nutrien said the senior notes will be unsecured and rank equally with its existing senior unsecured debt. The joint book-running managers for the offering are CIBC World Markets Corp., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and RBC Capital Markets, LLC.