Mosaic again extends early consent deadline in solicitation for IMC bondholder approval

By Paul Deckelman

New York, Dec. 13 - The Mosaic Co. said that two of its wholly owned subsidiaries have again 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. 16, subject to possible further extension, from the previously announced deadline of 5 p.m. ET on Dec. 10 - effectively, the early consent deadline now coincides with the expiration of the solicitation, also scheduled for 5 p.m. ET on Dec. 16. All other terms and conditions of the solicitation 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 initially set an early consent deadline of 5 p.m. ET on Dec. 1, which was later three times extended, and an expiration deadline for the solicitation of 5 p.m. ET on Dec. 16, 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 for any consents delivered by the expiration. It is offering an additional early consent premium of $1.50 per $1,000 principal amount for consents delivered by the now-extended early consent deadline.

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