German K+S closes €1.55bn financing for Morton acquisition

03 June 2009 20:06  [Source: ICIS news]

TORONTO (ICIS news)--German fertilizer major K+S has successfully arranged a €1.55bn ($2.21bn) syndicated loan facility to help finance its acquisition of Morton Salt and to pay for general business expenses, it said on Wednesday.

The facility, made up of 15 German and international banks, was oversubscribed, which K+S said demonstrated the company's strong financial position.

K+S was one of the first companies to successfully arrange such a broad syndication in the banking sector within the last year, it added.

The Kassel-based producer agreed in April to buy Morton from Dow Chemical in a deal valued $1.675bn.

($1 = €0.70)

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By: Stefan Baumgarten
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