FMC amends revolver, term loan to revise leverage ratio requirements

By Tali Rackner

Norfolk, Va., Aug. 26 – FMC Corp. entered into amendments to its revolving credit facility and term loan on Wednesday with Citibank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment revises certain financial covenants to require the company to maintain a maximum leverage ratio of 4.5 times on the last day of the three fiscal quarters ending Dec. 31; 4.25 times for the two fiscal quarters ending June 30, 2016; 4 times for the fiscal quarter ending Sept. 30, 2016; 3.75 times for the three fiscal quarters ending June 30, 2017; and 3.5 times for the fiscal quarter ending Sept. 30, 2017 and thereafter.

Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Inc. are joint lead arrangers and Bank of America, NA is the syndication agent.

FMC is a diversified chemical company based in Philadelphia.

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