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Mosaic gets $700 million term loan through Farm Credit System
By Mary-Katherine Stinson
Lexington, Ky., May 24 – Mosaic Co. and its wholly owned subsidiary Mosaic Fertilizer, LLC entered into a credit agreement, dated May 18, 2023, providing for a committed delayed-draw term loan credit facility totaling $700 million, according to a notice and an 8-K filing with the Securities and Exchange Commission.
The 10-year term facility was obtained through the Farm Credit System.
The initial interest rate is SOFR plus 175 basis points.
There are no prepayment penalties.
"This loan provides Mosaic with the flexibility to manage its maturities through volatile credit markets and allocate capital efficiently,” Joc O'Rourke, president and chief executive officer of Mosaic, said.
Mosaic is a Tampa, Fla.-based producer and marketer of concentrated phosphate and potash crop nutrients.
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