debt
confidence high
sentiment neutral
materiality 0.55
FMC issues $750M of 8.450% subordinated notes due 2055 to refinance near-term debt
FMC CORP
- Sold $750M aggregate principal of 8.450% Fixed-to-Fixed Reset Rate Subordinated Notes due Nov 1, 2055.
- Interest rate fixed at 8.450% through Nov 1, 2030, then resets every 5 years at 5Y UST + 4.366% with 8.450% floor.
- Proceeds to redeem $500M of 5.150% Senior Notes due May 2026 and for general corporate purposes.
- Notes are subordinated to senior indebtedness; redeemable at par before first reset and on interest payment dates thereafter.
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