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CF Industries prices offering of USD1.25bn senior secured notes.

M2 EQUITYBITES-November 14, 2016-CF Industries prices offering of USD1.25bn senior secured notes


Nitrogen fertilizers company CF Industries Holdings (NYSE:CF) said on Friday that its CF Industries wholly owned subsidiary has priced an offering of USD1.25bn senior secured notes.

The company said the USD1.25bn notes offering is comprised of USD500m aggregate principal amount of 3.400% senior secured notes due 2021 as well as USD750m aggregate principal amount of 4.500% senior secured notes due 2026.

According to the company, the notes due 2021 will be issued at a price of 99.853% of their face value and the notes due 2026 will be issued at a price of 99.385% of their face value.

In conjunction, the secured notes will be guaranteed on a senior secured basis, jointly and severally, by CF Industries Holdings Inc and its domestic subsidiaries (other than the issuer of the secured notes) that are borrowers or that guarantee obligations under its revolving credit facility.

Net proceeds of the secured notes, together with cash on hand and/or borrowings under its revolving credit facility, may be used by the company to prepay the USD1.0bn senior notes due 2022, 2025 and 2027, to pay the related make-whole amount and related fees and expenses, as well as for general corporate purposes.

Subject to customary closing conditions, the closing of the sale of the secured notes is expected to occur on or about 21 November 2016.

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Publication:M2 EquityBites (EQB)
Date:Nov 14, 2016
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