Mosaic released from requirement to exchange for 7 3/8%, 7 5/8% notes

By Jennifer Chiou

New York, Dec. 21 - Mosaic Co. will not be required to offer to exchange its 7 3/8% senior notes due 2014 or its 7 5/8% senior notes due 2016 as a result of amendments by the Securities and Exchange Commission to Rule 144 under the Securities Act, according to an 8-K filing with the SEC.

In addition, Mosaic will not be obliged to file a shelf registration statement for the notes, which are held by non-affiliates, as they will become eligible for resale under Rule 144 effective Feb. 15.

As a result of the amendments, the interest rates on the notes, which had increased effective Dec. 1 because Mosaic did not consummate an exchange offer or file a shelf registration, will return to the 7 3/8% and 7 5/8% rates effective Feb. 15. The rates were to have increased by 0.25% per year for the first 90-day period following the Dec. 1 filing deadline and by an additional 1% per year in the subsequent 90-day period.

As part of a refinancing on Dec. 1, 2006, Mosaic issued $475 million of 7 3/8% notes and $475 million of 7 5/8% notes.

Mosaic is a Plymouth, Minn., producer and marketer of concentrated phosphate and potash crop nutrients.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.