FMC in-market with new $850 million credit facility

By Sara Rosenberg

New York, May 27 - FMC Corp. is in-market with a new $850 million five-year unsecured credit facility (BBB-), according to a company spokesman.

Citigroup, Bank of America and Wachovia are joint lead arrangers and joint bookrunners on the deal, with Citigroup the left lead.

The facility, which launched via a bank meeting this past Wednesday, consists of a $500 million revolving credit facility and a $350 million term loan.

Proceeds will be used to repay all amounts outstanding under the company's existing $600 million secured credit agreement, which will be terminated, and will allow - along with cash on hand - for the redemption of the company's $355 million 10¼% senior secured notes due 2009.

FMC is a Philadelphia-based diversified chemical company.

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