Mosaic amends credit agreement to replace LIBOR with SOFR as benchmark rate

MOSAIC CO

First amendment to $2.5B revolving credit facility replaces LIBOR with SOFR as interest rate benchmark.
Amendment effective May 10, 2023; all lenders and agents party to amendment.
No changes to total commitments ($2.5B), maturity, or pricing grid; solely a benchmark transition.
Aligns with industry-wide transition away from LIBOR; no impact on borrowing capacity or cost.

Key facts

Extracted from this filing and checked against the source text.

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

MOSAIC CO amended Amendment with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and certain other lenders and L/C Issuers party thereto (effective 2023-05-10).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and certain other lenders and L/C Issuers party thereto
Effective: 2023-05-10

Exact text from the filing

On May 10, 2023, The Mosaic Company (the “Company”) entered into a first amendment (the “Amendment”) to its Credit Agreement, dated as of August 19, 2021 (as amended, the “Credit Agreement”), among the Company, as borrower, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and certain other lenders and L/C Issuers party thereto.

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Source: SEC EDGAR

accession 0001243786-23-000068

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