FMC intends to sell fixed-rate senior notes in three tranches

By Marisa Wong

Los Angeles, May 15 – FMC Corp. plans to price fixed-rate senior notes in three tranches, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will feature an optional make-whole call, followed by an optional par call.

If a change-of-control triggering event occurs, the company will make an offer to purchase the notes at 101.

BofA Securities, Inc., Citigroup Global Markets Inc., SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC are the joint bookrunners.

U.S. Bank Trust Co., NA is the trustee.

Morgan, Lewis & Bockius LLP and in-house counsel will advise the company on legal matters. Mayer Brown LLP will act as counsel for the underwriters.

Proceeds will be used to prepay the company’s term loan dated Nov. 22, 2021 with Citibank, NA as administrative agent and repay a portion of its outstanding commercial paper, as well as for general corporate purposes.

At March 31, the outstanding principal amount under the term loan was $800 million, with an interest rate of 5.4% and a maturity date of Nov. 22, 2024, and the outstanding amount of short-term borrowings under the commercial paper program was roughly $1.21 billion, with a weighted average interest rate of 5.8% and a weighted average maturity of nine days.

FMC is an agricultural sciences company based in Philadelphia.

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