Mar 26, 2004
Yara International ASA has signed loan agreements for a total of USD 1,500 million in contemplation of its demerger from Norsk Hydro. The facilities is used to refinance intercompany loans provided by Norsk Hydro, which was repaid March 25th, and will provide for general corporate purposes in the future.
The financing package is structured as follows:
Facility A: USD 750 million 5 year syndicated revolving credit facility
Facility B: USD 750 million 364-day bridge facility. Yara has an option to term out Facility B for another 2 years. Yara intends to refinance this facility in the capital markets
Citigroup, Commerzbank Securities, DnB NOR Bank ASA, JPMorgan, Nordea and Société Générale Corporate and Investment Banking were the Underwriters and Mandated Lead Arrangers for this financing package. Facility A was successfully syndicated among the Mandated Lead Arrangers and a group of 20 banks with Citigroup, Commerzbank and Société Générale acting as the Bookrunners for Facility A.
Yara CFO, Hallgeir Storvik expresses satisfaction with the terms of the financing package as well as with the positive interest that Yara has achieved in the financial market.
Yara International ASA is the world's largest supplier of plant nutrition, with 7,500 employees in more than 50 countries. The company's brand new name, Yara, signifies land, soil, harvest and a good year. Yara keeps the Viking Ship logo, a symbol of high quality products for nearly a century and world-renowned within the fertilizer industry.
In 2003 the company sold more than 20 million metric tons of fertilizer to customers in more than 120 countries.
For further information:
Arne Cartridge, Chief Communication Officer, tlf. +47 47 900 900
Egil Hogna, Head of Investor Relations, tlf. +47 90 187 865