Mosaic to redeem $455 million 7 3/8% senior notes due 2014 on Jan. 13

By Melissa Kory

Cleveland, Dec. 9 - Mosaic Co. announced that it plans to redeem its $455 million of 7 3/8% senior notes due December 2014.

The notes will be redeemed on Jan. 13 at 103.688% plus accrued interest to the redemption date.

The redemption will be funded with available cash generated by the ongoing business operations of Mosaic.

The company said it expects that its annual interest expense will be reduced by about $34 million upon redemption of the notes.

Mosaic will record a charge of about $19 million in its third fiscal quarter, primarily related to the call premium and the write-off of unamortized fees, according to a news release.

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

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