New Issue: IMC Global upsizes 10-year notes to $400 million, yield 11¼%

By Paul A. Harris

St. Louis, July 18 - IMC Global Inc. priced an upsized offering of $400 million of 10 7/8% senior notes due Aug. 1, 2013 (B1/B+) at 97.782 on Friday to yield 11¼%, according to a syndicate source.

The deal was increased from $310 million and price talk was 10¾%-11%.

Goldman Sachs & Co. and JP Morgan were bookrunners on the Rule 144A deal. The co-managers were BNP Paribas, RBC and BNY Securities.

The Lake Forest, Ill.-based producer and marketer of concentrated phosphates and potash crop nutrients for the agricultural industry and animal feed ingredients will use proceeds to fund the purchase of up to $100 million of its 6.55% notes due 2005 and up to $200 million of its 7 5/8% senior notes due 2005.

Issuer:	IMC Global Inc.
Amount:	$400 million (increased from $310 million)
Maturity:	Aug. 1, 2013
Security description:	Senior notes
Bookrunners:	Goldman Sachs, JP Morgan
Co-managers:	BNP Paribas, RBC, BONY
Coupon:	10 7/8%
Price:	97.782
Yield:	11¼%
Spread:	728 basis points
Call features:	Callable on Aug. 1, 2008 at 105.438, then at 103.625, 101.813, declining to par on Aug. 1, 2011 and thereafter
Settlement date:	Aug. 1, 2003
Ratings:	Moody's: B1
	Standard & Poor's B+
Price talk:	10¾%-11%
Rule 144A Cusip:	449669CM0

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