Canada PotashCorp to sell notes for debt payments

24 September 2009 15:22  [Source: ICIS news]

HOUSTON (ICIS news)--Potash Corp of Saskatchewan (PotashCorp) would use the proceeds from the upcoming sale of $1bn (€680m) in notes to repay debt, the company said on Thursday.

PotashCorp priced an offering of $500m notes with an aggregate principal amount of 3.75% due on 30 September 2015 and $500m with an aggregate principal amount of 4.875% due on 30 March 2020.

PotashCorp intends to use the net proceeds from the offering to repay outstanding indebtedness under revolving credit facilities and for general corporate purposes, the company said.

The offering was expected to close on 28 September.

Shares of PotashCorp traded at 09:30 New York time (13:30 GMT) at $93.44, up 34 cents, on the New York Stock Exchange.

($1 = €0.68)

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