FMC Corp. (FMC) Completes Sale of 3.95% Senior Notes and Commences $200 Million Buyback Plan
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FMC Corporation (NYSE: FMC) today announced that it has completed the sale of $300 million aggregate principal amount of its 3.95% Senior Notes due February 1, 2022, in an underwritten registered public offering.
The offering was made pursuant to an effective shelf registration statement FMC filed with the Securities and Exchange Commission on February 25, 2010, and a prospectus supplement filed on November 17, 2011, in which FMC stated its intention to use the net proceeds from this offering to pay down existing indebtedness under its revolving credit agreement and for general corporate purposes, including its stock repurchase program.
Pierre Brondeau, FMC's president, chief executive officer and chairman, said, "With the offering now completed, we are commencing the repurchase of approximately $200 million of our shares under our previously announced share repurchase program, accelerating the timing from the original plan for these repurchases to occur in 2012. We expect to complete the repurchases by the end of March 2012."
The offering was made pursuant to an effective shelf registration statement FMC filed with the Securities and Exchange Commission on February 25, 2010, and a prospectus supplement filed on November 17, 2011, in which FMC stated its intention to use the net proceeds from this offering to pay down existing indebtedness under its revolving credit agreement and for general corporate purposes, including its stock repurchase program.
Pierre Brondeau, FMC's president, chief executive officer and chairman, said, "With the offering now completed, we are commencing the repurchase of approximately $200 million of our shares under our previously announced share repurchase program, accelerating the timing from the original plan for these repurchases to occur in 2012. We expect to complete the repurchases by the end of March 2012."
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