Mississippi Chemical gets final approval on $182.5 million DIP

By Jeff Pines

Washington, July 21 - Mississippi Chemical Corp. obtained final approval from the U.S. Bankruptcy Court for the Southern District of Mississippi on July 15 for its $182.5 million debtor-in-possession facility, according to a Wednesday filing with the Securities and Exchange Commission.

The facility includes a $22.5 million revolver.

The facility matures upon the company's exit from Chapter 11, or Dec. 31, though it may be extended to June 30, 2005 under certain conditions.

Citicorp North America, Inc. is administrative agent for the facility and Citigroup Global Markets, Inc. and Perry Principals Investments LLC are the joint lead arrangers.

The interest rate will be prime plus 375 basis points.

The Yazoo City, Miss.-based nitrogen and phosphorus products company filed for bankruptcy on May 16, 2003. Its Chapter 11 case number is 03-02984.

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