Mississippi Chemical receives commitment to extend loan's maturity date at reduced size

By Sara Rosenberg

New York, Nov. 8 - Mississippi Chemical Corp. received a commitment letter to amend and restate its current secured credit facility, extending the maturity date to Nov. 10, 2003 and reducing the size to $165 million from $200 million. Harris Trust and Savings Bank is the lead of the existing bank group.

Closing on the extended credit facility is expected to take place by mid-November.

"We are pleased to have extended our relationship with our current lenders with a credit facility which we believe will provide adequate working capital over the next year," said Charles O. Dunn, president and chief executive officer, in a news release.

As of Nov. 7, the Yazoo City, Miss. producer and supplier of crop nutrients had $119 million of outstanding borrowings under the facility.

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