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| Mosaic Announces Prepayment of $150 Million of Long-Term Debt |
PLYMOUTH, Minn., June 26, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- The Mosaic Company (NYSE: MOS) announced today that it is notifying the lenders under its senior secured bank credit facility (the "Facility") of its election to prepay $150.0 million principal amount of term loans under the Facility on June 29, 2007. This prepayment is in addition to the $250.0 million previously prepaid on May 1, 2007. The prepayments will consist of $56.4 million principal amount of Term Loan A-1 borrowings and $81.8 million principal amount of Term Loan B borrowings by Mosaic and $6.5 million principal amount of Term Loan A borrowings by its subsidiary, Mosaic Potash Colonsay ULC. After the prepayments, outstanding term loans under the Facility will be reduced to $28.0 million principal amount of Term Loan A borrowings, $244.8 million principal amount of Term Loan A-1 borrowings, and $378.1 million principal amount of Term Loan B borrowings. The prepayments are being made from available cash generated by the ongoing business operations of Mosaic and its subsidiaries. Mosaic considers the prepayments to be a significant step in its plan to reduce outstanding borrowings, strengthen its balance sheet, and achieve investment grade credit ratings. About The Mosaic Company The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. For the global agriculture industry, Mosaic is a single source of phosphates, potash, nitrogen fertilizers and feed ingredients. More information on the company is available at http://www.mosaicco.com. SOURCE The Mosaic Company Media, Linda Thrasher, 763-577-2864, http://www.mosaicco.com |