New York, November 07, 2016 -- Moody's Investors Service stated its Baa3 rating on CF Industries Holdings, Inc.'s proposed $1.25 billion senior secured notes, which are being offered by its wholly owned subsidiary CF Industries, Inc., remains unchanged. The notes are currently being marketed and proceeds will be used to finance the repayment of its $1.0 billion senior notes due 2022, 2025 and 2027 and to pay the related make-whole amount estimated at $210 million as well as related fees and expenses. The $1.25 billion in notes are guaranteed on a senior secured basis, jointly and severally, by CF Industries Holdings, Inc. and certain of its domestic subsidiaries. Additionally, the notes are secured on a pari passu basis with CF's $750 million secured revolving credit agreement, which is concurrently being amended and reduced in size from $1.5 billion. The company's existing $4.6 billion in unsecured notes with maturities ranging from 2018-2044 remain rated Ba3, one notch below the Ba2 CFR, as a result of their effective subordination to the secured revolver and secured notes in the capital structure. Moody's also stated that the Corporate Family Ratings of CF Industries Holdings, Inc. remain at Ba2 and the outlook is stable.

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