Mississippi Chemical hires CSFB to evaluate alternatives for credit facility

By Sara Rosenberg

New York, April 30 - Mississippi Chemical Corp., faced with the Nov. 25, 2002 maturity of its $200 million secured revolving credit facility, has hired Credit Suisse First Boston to evaluate options for refinancing the loan, according to a filing with the Securities and Exchange Commission.

"We are currently exploring refinancing alternatives and believe that we will be able to refinance the facility at or prior to maturity," the SEC filing said. "However, we cannot guarantee that we will be able to obtain new financing or the same amount, and such financing is likely to contain terms, particularly interest rates and fees, not as favorable as the facility's."

The Yazoo City, Miss. producer and supplier of chemicals obtained its revolver through Harris Trust and Savings Bank and a syndicate of 11 commercial banks. At March 31, 2002, there was an outstanding balance of $122.8 million under the revolver and letters of credit outstanding of $1.9 million. Available borrowings totaled $66.8 million. The company's weighted average interest rate was 5.4% for the quarter ended March 31, 2002 and 6.26% for the nine months ended March 31, 2002, according to the SEC filing.

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