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.
/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