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CF Industries to offer $1.6 billion of notes following Terra merger
By Angela McDaniels
Tacoma, Wash., March 29 - CF Industries Holdings Inc. is planning an approximately $1.6 billion offering of senior notes, according to an amended schedule TO filed with the Securities and Exchange Commission on Monday.
The proceeds of the notes and a $1 billion offering of common stock will be used to repay borrowings under the company's new term loan B and to reduce borrowings under its planned bridge facility.
The loans will be used to help fund the acquisition of Terra Industries Inc. for $37.15 in cash and 0.0953 of a share of its common stock per Terra share.
The note and stock offerings will begin after the exchange offer for Terra Industries' stock is completed. The offer expires on Friday.
CF Industries is a Deerfield, Ill.-based producer and distributor of nitrogen and phosphate fertilizer products. Terra is a Sioux City, Iowa-based producer and marketer of nitrogen and methanol products.
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