02 July 2013 13:29 [Source: ICIS news]
LONDON (ICIS)--Germany-based fertilizer major K+S has secured a €1bn ($1.3bn) syndicated bank credit line to help finance its potash project in Canada and general corporate purposes, it said on Tuesday.
The new credit line has a term of five years until 2018, with two extension options of one year. It renews and increases an existing line of €800m.
K+S added that it will not need to increase its capital to finance the Canadian dollar (C$) 4.1bn ($3.9bn) project in Canada's Saskatchewan province.
"The early renewal and increase of the credit line on attractive terms is a clear proof of the financial strength of K+S," said K+S chief financial officer Burkhard Lohr.
K+S plans to commission the Canada potash project in the summer of 2016, with production capacity expected to reach 2m tonnes/year by the end of 2017.
($1 = €0.77; $1 = C$1.06)
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