Maintains Approximately $1 Billion In Cash
TAMPA, FL / ACCESSWIRE / June 4, 2020 / The Mosaic Company (NYSE:MOS), announced that it has repaid the $400 million drawn from its revolving credit facility in March. After repayment, the company retains approximately $3 billion in liquidity, including approximately $1 billion in cash and $2 billion in unused committed revolving credit capacity.
"When we originally accessed our line of credit, our desire was to build the company's cash balance to approximately $1 billion as a result of the unprecedented uncertainty caused by the COVID-19 pandemic. With the performance of the business to date and the impact of certain cash management activities, we are now able to fully repay the outstanding balance under our revolver while maintaining a robust liquidity position," said Clint Freeland, Chief Financial Officer.
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single-source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the company is available at www.mosaicco.com.
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This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about anticipated future financial, production and operating performance, including compliance with our debt covenants. Such statements are based upon the current beliefs and expectations of The Mosaic Company's management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not limited to: the economic impact of coronavirus (COVID-19), difficulties with realization of the benefits of our strategic plans; actual costs of various items differing from management's current estimates, price and demand volatility for our Potash and Phosphate products, other changes in market conditions, changes in weather conditions; changes in farmers' planting patterns; accidents and disruptions, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals; changes in foreign currency and exchange rates; international trade risks and other risks associated with Mosaic's international operations, changes in government policy, changes in environmental and other governmental regulation, as well as other risks and uncertainties reported from time to time in The Mosaic Company's reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements.
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SOURCE: The Mosaic Company
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