Monsanto Company (NYSE:
MON) announced today that it has entered into an agreement with
a group of banks to provide a new $2 billion credit facility.
This agreement provides a five-year senior unsecured revolving
credit facility, which replaces Monsanto's existing $1 billion
credit facility established in 2004.
"The new credit facility broadens our
global banking support, and provides us with improved
flexibility and incremental financing capabilities," said Terry
Crews, Executive Vice President and Chief Financial Officer of
Monsanto.
As part of the announcement, Monsanto
noted that this new credit facility would also provide
additional options for financing its proposed acquisition of
Delta and Pine Land Company (NYSE: DLP). This proposed
acquisition is now being reviewed by the U.S. Department of
Justice (DOJ).
The bank syndication of the $2 billion
facility was led by J.P.Morgan Securities Inc. and Citigroup
Global Markets, Inc., as co-lead arrangers and joint
bookrunners.
