CF Industries enters amended and restated $750 million revolver

By Sarah Lizee

Olympia, Wash., Dec. 5 – CF Industries Holdings, Inc. and subsidiary CF Industries, Inc. entered on Thursday into a $750 million amended and restated senior secured revolving credit facility with Citibank, NA, according to an 8-K filing with the Securities and Exchange Commission.

Citibank, Morgan Stanley Senior Funding, Inc. and Goldman Sachs Bank USA are the joint lead arrangers and joint bookrunners.

Morgan Stanley and Goldman Sachs are the syndication agents.

The maturity date of the amended and restated revolver is Dec. 5, 2024.

Interest is Libor plus 112.5 basis points to 200 bps, and the commitment fee ranges from 10 bps to 35 bps. Both depend on the company’s credit rating.

Borrowings may be made in dollars, Canadian dollars, euros and sterling and will be used for working capital and general corporate purposes.

Financial covenants include a requirement that the interest coverage ratio be maintained as of the last day of the company’s fiscal quarter at a level of not less than 2.75x and a requirement that the total net leverage ratio be maintained as of the last day of the company’s fiscal quarter at a level of not greater than 3.75x, provided the maximum total net leverage ratio will increase to 4.25x for the four fiscal quarter period starting with the quarter any borrower or subsidiary completes any material acquisition and that there will be at least two fiscal quarters with the maximum total net leverage ratio set at 3.75x before a second step-up may occur.

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

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