CF Industries amends revolver to reduce commitments to $1.5 billion

By Marisa Wong

Morgantown, W.Va., Aug. 4 – CF Industries Holdings, Inc. amended on July 29 its third amended and restated revolving credit agreement dated Sept. 18, 2015 with Morgan Stanley Senior Funding, Inc. as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, among other things, reduces the aggregate principal amount of the lenders’ commitments to $1.5 billion from $2 billion and reduces the aggregate principal amount of letters of credit that can be issued and outstanding under the revolver to $125 million from $175 million.

The amendment also increases the maximum permitted total leverage ratio to 5.25 to 1.00 from 3.75 to 1.00 for the quarters ending Sept. 30, Dec. 31 and March 31, 2017; to 5.00 to 1.00 from 3.75 to 1.00 for the quarter ending June 30, 2017; to 4.75 to 1.00 from 3.75 to 1.00 for the quarter ending Sept. 30, 2017; and to 4.00 to 1.00 from 3.75 to 1.00 for the quarter ending Dec. 31, 2017.

CF Industries is based in Deerfield, Ill., and makes nitrogen products.

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