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IFL COMPLETES FINANCIAL RESTRUCTURING

 NORTHBROOK, Ill., June 29 /PRNewswire/ -- IMC Fertilizer Group, Inc. (NYSE: IFL) today announced that it has completed the placement, through Lehman Brothers and Citicorp Securities Markets, Inc., of $260 million senior notes to qualified institutional buyers. The senior notes consist of $135 million of 10.125 percent senior notes due 2001 and $125 million of 10.75 percent senior notes due 2003.
 The proceeds will be used to pay $60.6 million due June 30, 1993 to Angus Chemical Company and its insurer in connection with a recent litigation settlement, $100 million to repay bank borrowings, and $50 million to repurchase receivables previously sold. The remainder will be used to pay fees and expenses related to the company's financial restructuring and for general corporate purposes.
 The company also announced it has completed an agreement with The Prudential Insurance Company of America to amend its $220 million 11.25 percent notes and has entered into a new $100 million revolving credit agreement with a group of banks.
 As a result of the sale of the senior notes and the use of the proceeds, and the agreements discussed above, Ernst & Young, the company's independent auditors, has removed the modification to its report on the company's 1992 financial statements relating to the ability of the company to continue as a going concern.
 "We are obviously pleased to have the company's financial restructuring in place," said Wendell F. Bueche, president and chief executive officer. "We now welcome the opportunity to move forward by focusing on completing the phosphate fertilizer joint venture with Freeport-McMoRan Resource Partners, improving our business and meeting our customers' needs."
 -0- 6/29/93
 /CONTACT: John E. Galvin (investors), 708-205-4814, or Thomas C. Pasztor (media), 708-205-4801, both of IMC Fertilizer/
 (IFL)


CO: IMC Fertilizer Group, Inc. ST: Illinois IN: SU: RCN

TS-SH -- NY058 -- 6748 06/29/93 13:44 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
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