FMC amends credit agreement for five-year $1.5 billion revolver

By Rebecca Melvin

New York, May 20 – FMC Corp. amended its credit agreement on May 17 with Citibank, NA as administrative agent, for a $1.5 billion revolver due May 17, 2024, 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 swing loans to some borrowers, with an option to increase the commitments to $2.25 billion.

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

Borrowings bear interest at Libor plus a margin ranging from 80.5 basis points to 150 bps, depending on ratings, and the facility fee ranges from 7 bps to 25 bps, also based on ratings.

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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