New Issue: Potash Corp. of Saskatchewan sells $500 million 4% 10-year notes at 157 bps spread

By Cristal Cody

Eureka Springs, Ark., Dec. 1 – Potash Corp. of Saskatchewan Inc. sold $500 million of 4% 10-year senior notes on Thursday with a spread of 157 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa1/BBB+) priced at 99.884 to yield 4.014%.

Goldman Sachs & Co., Morgan Stanley & Co. LLC, RBC Capital Markets Corp. and Scotia Capital (USA) Inc. were the bookrunners.

Proceeds will be used to refinance debt.

The fertilizer and related industrial and feed products company is based in Saskatoon, Sask.

Issuer:	Potash Corp. of Saskatchewan Inc.
Amount:	$500 million
Description:	Senior notes
Maturity:	Dec. 15, 2026
Bookrunners:	Goldman Sachs & Co., Morgan Stanley & Co. LLC, RBC Capital Markets Corp., Scotia Capital (USA) Inc.
Co-managers:	BMO Capital Markets Corp., BofA Merrill Lynch, CIBC World Markets Corp., HSBC Securities (USA) Inc., MUFG, Rabo Securities USA, Inc., TD Securities (USA) LLC, SMBC Nikko Securities America, Inc., UBS Investment Bank, Wells Fargo Securities, LLC
Coupon:	4%
Price:	99.884
Yield:	4.014%
Spread:	Treasuries plus 157 bps
Call feature:	Make-whole call before Sept. 15, 2026 at greater of par and Treasuries plus 25 bps; thereafter at par
Trade date:	Dec. 1
Settlement date:	Dec. 6
Ratings:	Moody’s: Baa1
	S&P: BBB+
Distribution:	SEC registered

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