December 15, 2009 / 7:58 PM / 8 years ago

UPDATE 1-Potash Corp secures new credit facility

* $2.5 bln revolving credit facility

* New facility to mature on Dec. 11, 2012 (In U.S. dollars)

TORONTO, Dec 15 (Reuters) - Potash Corp of Saskatchewan (POT.TO) said on Tuesday it has entered into a $2.5 billion revolving term credit facility, which replaces its credit agreement dated Jan. 21, 2009.

The new credit facility will mature on Dec. 11, 2012. The prior facility was scheduled to mature on May 28, 2010, and had provided for total borrowings of $1.85 billion.

The Canadian fertilizer company, the world’s biggest potash producer, said the terms and conditions of the new facility are largely similar to those of the previous facility.

Potash Corp said it plans to use the proceeds for working capital and other general corporate purposes. (Reporting by Euan Rocha; editing by Rob Wilson)

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