CF Industries Holdings, Inc. (CF): debt financing — CF Industries enters $750M revolver due 2028, replacing prior facility

CF Industries Holdings, Inc.

New $750M senior unsecured revolving credit facility matures Oct 26, 2028, with $125M letter of credit sublimit.
Replaces prior $750M revolver scheduled to mature Dec 5, 2024; no early termination penalties incurred.
Covenant requires total net leverage ratio ≤ 3.75:1.00; steps up to 4.25:1.00 for four quarters after material acquisitions.
Interest rate spreads range from 1.00% (Term Benchmark) to 1.50% based on credit ratings; commitment fee 0.09%-0.20%.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CF Industries Holdings, Inc. incurred revolving credit of $750,000,000 with Citibank, N.A. at term secured overnight financing rate, plus a credit spread adjustment of 0.10% maturing October 26, 2028.

Instrument: revolving credit
Principal: $750,000,000
Counterparty: Citibank, N.A.
Rate: term secured overnight financing rate, plus a credit spread adjustment of 0.10%
Maturity: October 26, 2028
Event: incurrence

Exact text from the filing

On October 26, 2023 (the “Closing Date”), CF Industries Holdings, Inc. (the “Company”), as a guarantor, and its wholly-owned subsidiary CF Industries, Inc. (“CF Industries”), as lead borrower, entered into a $750,000,000 senior unsecured Revolving Credit Agreement (the “Credit Agreement”) with the lenders from time to time party thereto, Citibank, N.A. (“Citibank”), as administrative agent (in such capacity, the “Administrative Agent”), and the issuing banks party thereto, which replaced the Company’s Fourth Amended and Restated Revolving Credit Agreement, dated as of December 5, 2019 (as amended as of January 27, 2022 and May 12, 2023, the “Prior Credit Agreement”), that was scheduled to mature December 5, 2024.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CF Industries Holdings, Inc. terminated Fourth Amended and Restated Revolving Credit Agreement with the Company, CF Industries, Citibank, as administrative agent, the issuing banks party thereto and the lenders party thereto (effective 2023-10-26).

Action: termination
Agreement: credit facility
Counterparty: the Company, CF Industries, Citibank, as administrative agent, the issuing banks party thereto and the lenders party thereto
Effective: 2023-10-26

Exact text from the filing

the Company terminated the Prior Credit Agreement, the parties to which comprised the Company, CF Industries, Citibank, as administrative agent, the issuing banks party thereto and the lenders party thereto

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CF Industries Holdings, Inc. entered into Credit Agreement with the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and the issuing banks party thereto valued at $750,000,000 (effective 2023-10-26).

Action: entry
Agreement: credit facility
Counterparty: the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and the issuing banks party thereto
Value: $750,000,000
Effective: 2023-10-26

Exact text from the filing

entered into a $750,000,000 senior unsecured Revolving Credit Agreement (the "Credit Agreement") with the lenders from time to time party thereto, Citibank, N.A. ("Citibank"), as administrative agent (in such capacity, the "Administrative Agent"), and the issuing banks party thereto

View on SEC.gov

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CF Industries Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-111818

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