FMC restates credit agreement for $2 billion five-year revolver

By Wendy Van Sickle

Columbus, Ohio, June 21 – FMC Corp. amended and restated its credit agreement on June 17 with Citibank, NA as administrative agent for a $2 billion revolver due June 17, 2027, according to an 8-K filing with the Securities and Exchange Commission.

The agreement, which covers FMC borrowers in the United States and Europe, includes a $400 million sublimit for letters of credit and a $50 million sublimit for swingline loans to some borrowers, with an option to increase the commitments to $2.75 billion.

The company has the option to extend the revolver’s termination date by one year prior to each of the first and second anniversaries of closing.

The revolver is a senior unsecured obligation that ranks equally with the company’s other senior unsecured obligations.

Borrowings bear interest at SOFR+10 basis points CSA plus 91 bps to 137.5 bps, depending on ratings, and the facility fee ranges from 7 bps to 25 bps, also based on ratings.

The initial margin is 112.5 bps, and the initial facility fee is 12.5 bps.

Citibank, NA and BofA Securities, Inc. are the joint lead arrangers and bookrunners.

BNP Paribas, CoBank ACB, JPMorgan Chase Bank, NA, Sumitomo Mitsui Banking Corp. and TD Bank, NA are the co-documentation agents. Bank of America, NA is the syndication agent.

Borrowings may be used for general corporate purposes.

FMC is a diversified chemical company based in Philadelphia.

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