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Itafos announces refinancing of working capital facility at Itafos Conda

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World Fertilizer,

Itafos has recently announced that its wholly owned subsidiary, Itafos Conda LLC, has closed a US$20 million secured working capital facility with JPMorgan Chase Bank, N.A., which financed the US$20 million secured working capital facility with Gavilon Fertilizer LLC.

“The refinancing of our working capital facility lowers our cost of capital and provides a long-term solution to working capital management,” said George Burdette, CFO of Itafos.

The Revolving Facility considers a commitment to loan up to US$20 million, of which US$10 million was drawn at closing. The proceeds of the Revolving Facility will initially be used to repay the Gavilon Facility and thereafter for working capital and general purposes. The Revolving Facility bears interest at a variable rate tied to LIBOR, with an effective rate ranging from approximately 3 – 4% / y on drawn amounts and 0.375% / y on undrawn committed amounts. The Revolving Facility has a maturity of 3 years, which can be extended by agreement of the parties. The Revolving Facility will be secured by the accounts receivable, inventory and cash of Itafos Conda. In connection with closing the Revolving Facility, Itafos Conda is subject to other terms, fees and cost reimbursements standard and customary for similar agreements.

In addition to the Revolving Facility, JPMorgan Chase Bank, N.A. provides various banking services to the company and Itafos Conda.

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