Printer Friendly

IMC FERTILIZER GROUP OFFERS $100 MILLION OF CONVERTIBLE SUBORDINATED NOTES

               IMC FERTILIZER GROUP OFFERS $100 MILLION
                   OF CONVERTIBLE SUBORDINATED NOTES
    NORTHBROOK, Ill., Dec. 9 /PRNewswire/ -- IMC Fertilizer Group, Inc. (NYSE: IFL) announced today that it is offering $100 million principal amount of 6-1/4 percent convertible subordinated notes due Dec. 1, 2001, as part of a recently filed shelf registration.
    The subordinated notes are being offered through Lehman Brothers; Donaldson, Lufkin & Jenrette Securities Corporation; and J.P. Morgan Securities Inc.
    The subordinated notes are convertible into IMC Fertilizer's common stock at a conversion price of $63.50, which represents a 21-1/2 percent premium over today's NYSE closing price of $52.25 per share.  The subordinated notes are non-callable for three years and are rated "Baa3" by Moody's and "BBB-" by Standard and Poor's.  The net proceeds of the offering will be used by IMC Fertilizer to retire bank debt.
    IMC Fertilizer, headquartered in Northbrook, Ill., is one of the world's leading producers and marketers of phosphate rock, potash and concentrated phosphates, all major crop nutrients.  The company also is involved in the production of sulphur, oil and natural gas, and recovery of uranium oxide for upgrading by electric utilities as fuel for nuclear power plants.
    Currently, there are approximately 22 million shares of IMC Fertilizer stock outstanding.  The company said it intends to apply for listing of the subordinated notes on the New York Stock Exchange.
    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.  A prospectus relating to the offering can be obtained from the underwriters.
    -0-        12/9/91
    /CONTACT:  John E. Galvin, 708-205-4814, or Tom Unzicker, 708-205-4839, both of IMC Fertilizer Group, Inc./
    (IFL) CO:  IMC Fertilizer Group, Inc. ST:  Illinois IN: SU:  OFR PS-KW -- NY076 -- 0735 12/09/91 17:30 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 9, 1991
Words:332
Previous Article:NUI STATEMENT ON PENNSYLVANIA ENTERPRISES REJECTION OF MERGER OFFER
Next Article:NEW YORK LOCAL GOVERNMENT ASSISTANCE CORP. BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
IMC FERTILIZER FILES $200 MILLION SHELF REGISTRATION STATEMENT
IMC FERTILIZER FILES FOR PUBLIC OFFERING OF CONVERTIBLE SUBORDINATED NOTES AND SENIOR DEBENTURES
IMC FERTILIZER GROUP OFFERS $100 MILLION OF SENIOR DEBENTURES
IMC FERTILIZER DECLARES DIVIDEND
IMC FERTILIZER DECLARES DIVIDEND
IMC FERTILIZER ENTERS AGREEMENT TO PURCHASE $220 MILLION OF 11.25 PERCENT NOTES FROM PRUDENTIAL
IMC FERTILIZER ENTERS AGREEMENT TO PURCHASE $220 MILLION OF 11.25 PERCENT NOTES FROM PRUDENTIAL
IMC FERTILIZER ANNOUNCES SENIOR NOTES, STOCK OFFERINGS
IMC FERTILIZER OFFERS 3 MILLION COMMON SHARES
FREEPORT-MCMORAN $150 MILLION SENIOR UNSECURED NOTES 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters