.jpg)
1 hour ago
3
Article content
HOUSTON, Sept. 29, 2026 (GLOBE NEWSWIRE) — Itafos Inc. (TSX-V: IFOS) (OTCQX: ITFS) (“Itafos” or the “Company”) announced today that it has entered into an amendment of its existing credit facilities with a syndicate of lenders led by RBC Capital Markets as Lead Left Arranger and Administrative Agent, with Texas Capital and PNC Capital Markets LLC as Joint Lead Arrangers (“JLA”), pursuant to which the Company will refinance its existing $100 million term loan (with $82.5 million outstanding) and its $30 million letter of credit facility (together, the “Existing Term Loan Agreement”). The amendment provides for a new commitment of $140 million and a $30 million letter of credit facility and will extend the maturity date under the Existing Term Loan Agreement (as so amended, the “Amended Term Loan Agreement”). The Company also announced that it has entered into an amendment to its revolving asset-based credit facility with a syndicate of lenders led by RBC Capital Markets as Lead Left Arranger and Administrative Agent, with Texas Capital and PNC Capital Markets LLC as Joint Lead Arrangers (“JLA”) to extend the maturity date of such facility (the “Amended ABL Agreement”). All figures are in US Dollars except as otherwise noted.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Advertisement 1
Article content
David Delaney, Chief Executive Officer of Itafos, commented: “The amendment and extension of our credit facilities provides enhanced financial flexibility and liquidity for the Company as we continue to navigate the current market conditions and execute our strategic initiatives. We greatly appreciate the continued support of our banking syndicate in providing additional liquidity to the Company and partnering with the Company in delivering on the business plan. Over the last five years, the Company has demonstrated its superior operating performance including deleveraging its balance sheet and enhancing its available liquidity to improve its ability and flexibility to execute on its strategic initiatives and deliver value to its shareholders.”
Article content
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The key terms of the Amended Term Loan Agreement are set out below:
Article content
- Extension of maturity date to September 29, 2029.
- Term loan upsized from the existing $100 million (currently $82.5 million outstanding) to $140 million.
- Dedicated letter of credit facility of $30 million.
- Reduction in loan margin of 75 basis points.
- Annual principal amortization is reduced to 5% (Year 1) and 10% Years 2 and 3.
Article content
Advertisement 2
Article content
The key terms of the Amended ABL Agreement are set out below:
Article content
- Extension of maturity date to September 29, 2029.
Article content
The proceeds of the Amended Term Loan Agreement and Amended ABL Agreement are expected to be used to refinance the Company’s indebtedness under the Existing Term Loan Agreement, repayment of all outstanding ABL Borrowings, and for general corporate purposes.
Article content
Upon closing the refinancing, the Amended Term Loan will have an outstanding balance of $140 million, the ABL Facility will be undrawn, and the LC Facility will have an outstanding balance of $12.5 million.
Article content
About Itafos
Article content
The Company is a phosphate and specialty fertilizer company with businesses and projects spanning three continents:
Article content
- Conda – a vertically integrated phosphate fertilizer business located in Idaho, US with production capacity as follows:
– approximately 550kt per year of MAP, MAP with micronutrients (“MAP+”), superphosphoric acid (“SPA”), and merchant grade phosphoric acid (“MGA”); and
– approximately 27kt per year of hydrofluorosilicic acid (“HFSA”); - Arraias – a vertically integrated phosphate fertilizer business located in Tocantins, Brazil with the following production targets (following the proposed restart of the beneficiation circuit):
– approximately 275kt per year of SSP, PAPR and DAPR;
– approximately 170kt per year of SSP, 60kt per year of PAPR and 45kt per year of DAPR;
– approximately 40kt per year of excess sulfuric acid (220kt per year gross sulfuric acid production capacity); - Farim – a high-grade phosphate mine project located in Farim, Guinea-Bissau; and
- Santana – a vertically integrated high-grade phosphate mine and fertilizer plant project located in Pará, Brazil.
English (US)