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Itafos secures US$165M loan to develop potash projects

Itafos said May 22 that it signed a definitive agreement with a syndicate of lenders to provide a US$165 million secured term loan facility.

The money is earmarked for working capital, to cover other cash requirements of the Arraias phosphate operations in Brazil and the Conda phosphate operations in the U.S., and to develop other phosphate projects, including Paris Hills in the U.S. and Farim in Guinea-Bissau.

The group had announced plans for debt financing in January.

The lenders are 58.5% shareholder CL Fertilizers Holding LLC, formerly known as Zaff LLC, as well as funds managed by BlackRock Financial Management Inc. and a syndicate of other parties.

Closing of the agreement is still subject to various customary conditions.