I M C Global (NYSE:IGL)
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IMC Global Announces Amendments to Existing Senior Credit Facility
LAKE FOREST, Ill., March 29 /PRNewswire-FirstCall/ -- IMC Global Inc.
announced today that it has obtained unanimous consent from the participants in
its 5-year, approximately $460 million bank credit facility of May 2001 for
amendments that include the extension of its refinancing requirements and
modification of financial covenant levels for 2004.
IMC obtained certain amendments to its existing senior credit facility,
primarilyto amend a requirement that IMC refinance the remaining approximately
$37 million of senior notes scheduled to mature in 2005 (the 2005 notes) prior
to October 15, 2004 and also to modify financial ratio covenant levels for 2004.
In 2003, IMC refinanced approximately $413 million of the $450 million 2005
notes then outstanding. IMC will now have the ability to repay approximately
$10 million of the 2005 notes at maturity in January 2005 and extend the date by
which it must refinance the remaining balance of the 2005 notes to March 2005.
With 2003 revenues of $2.2 billion, IMC Global is the world's largest producer
and marketer of concentrated phosphates and potash crop nutrients for the
agricultural industry and a leading global provider of feedingredients for the
animal nutrition industry. For more information, visit IMC Global's Web site at
imcglobal.com.
DATASOURCE: IMC Global Inc.
CONTACT: Investors and Media, David A. Prichard of IMC Global Inc.,
+1-847-739-1810,
Web site: http://www.imcglobal.com/