Mosaic extends early consent deadline in solicitation for IMC bondholder approval

New York, Dec. 2 - The Mosaic Co. said that two of its wholly owned subsidiaries have extended the early tender deadline in their solicitation of consents from holders of notes issued by the former IMC Global Inc. to proposed indenture changes.

The deadline was extended to 5 p.m. ET on Dec. 2, subject to possible further extension, from the originally announced deadline of 5 p.m. ET on Dec. 1. All other terms and conditions of the solicitation - which is scheduled to expire on Dec. 16 - remain unchanged.

As previously announced, Mosaic, a Minnetonka, Minn.-based producer of agricultural chemicals, said on Nov. 17 that its Mosaic Global Holdings Inc. subsidiary - formerly IMC Global Inc. - and another subsidiary, Phosphate Acquisition Partners LP - the successor to Phosphate Resource Partners LP - had begun soliciting consents from holders of their roughly $1.8 billion of outstanding public debt securities to proposed indenture changes. The amendments relate to the recently completed combination of the former IMC with the Crop Nutrition businesses of Cargill, Inc., which formed Mosaic. The company said that the proposed amendments are primarily to provide Mosaic with the greater operational flexibility to more effectively integrate the businesses of IMC and the Crop Nutrition businesses.

IMC and Phosphate Acquisition Partners set an early consent deadline of 5 p.m. ET on Dec. 1 and an expiration deadline for the solicitation of 5 p.m. ET on Dec. 16, both subject to possible extension.

Mosaic said that in return for the consents, itself and two of its other wholly-owned subsidiaries, Mosaic Fertilizer, LLC and Mosaic Crop Nutrition, LLC, are offering guarantees of the obligations of IMC and Phosphate LP.

In addition, IMC is offering the holders of its 10 7/8% senior notes due 2008, its 11¼% senior notes due 2011 and its 10 7/8% senior notes due 2013 a consent payment of $1 per $1,000 principal amount. It is offering an additional early consent premium of $1.50 per $1,000 principal amount for consents delivered by the early consent deadline.

Noteholders who receive the early consent premium for their notes will also receive the consent payment and the guarantees that company was offering.

Goldman, Sachs & Co, is the solicitation agent for the consent solicitation (call the Liability Management Group at 800 828-3182) while Bondholder Communications Group is the information agent (call Irene Miller at 888 385-BOND/888 385-2663).

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