DBRS assigns Agrium notes BBB

DBRS said it assigned a rating of BBB with a stable trend to the $500 million aggregate principal amount of senior unsecured debt bearing a 5.25% coupon and maturing June 15, 2045 to be issued by Agrium Inc.

The company will use the proceeds to reduce short-term debt and for general corporate purposes.

The new notes will be direct senior unsecured obligations of Agrium. They will rank equally with Agrium’s existing and future senior unsecured debt, and will rank senior to all of the company’s existing and future subordinated debt.

The notes will be effectively subordinated to all indebtedness and other liabilities, including guarantees, of any of Agrium’s subsidiaries, including its wholly owned Alberta general partnership, the Agrium Partnership and the company’s share of joint venture liabilities.

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