Corn Products International Enters into New Three-Year, $1 Billion Senior Unsecured Revolving Credit Agreement
September 02 2010 - 7:04PM
Business Wire
Corn Products International, Inc. (NYSE: CPO), a leading
provider of ingredient solutions to diversified industries
worldwide, today announced that it has entered into a new
three-year, senior unsecured $1 billion revolving credit facility
available for general corporate purposes. This replaces the
Company’s existing $500 million senior unsecured revolving credit
facility which would have matured April 26, 2013.
The Company also entered into a 364-day, $1.35 billion bridge
term loan credit facility pursuant to a previously disclosed
commitment letter, which facility is available to finance the
National Starch acquisition and related expenses.
ABOUT THE
COMPANY:
Corn Products International is a major supplier of high-quality
food ingredients and industrial products derived from the
processing starch-based materials. The Company, headquartered in
Westchester, Ill., is a leading worldwide producer of dextrose and
a major regional producer of starches, sweeteners and other
ingredients. In 2009, Corn Products International reported net
sales of $3.67 billion, with operations in 13 countries at 28
plants, including wholly owned businesses, affiliates and
alliances. For more information, visit www.cornproducts.com.
Forward-Looking Statements
This news release contains or may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. The Company intends these forward-looking
statements to be covered by the safe harbor provisions for such
statements. These statements include, among other things, any
predictions regarding the Company’s prospects or future financial
condition, earnings, revenues, expenses or other financial items,
any statements concerning the Company’s prospects or future
operations, including management’s plans or strategies and
objectives therefor and any assumptions, expectations or beliefs
underlying the foregoing. These statements can sometimes be
identified by the use of forward looking words such as “may,”
“will,” “should,” “anticipate,” “believe,” “plan,” “project,”
“estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast”
or other similar expressions or the negative thereof. All
statements other than statements of historical facts in this
release or referred to in this release are “forward-looking
statements.” These statements are based on current expectations,
but are subject to certain inherent risks and uncertainties, many
of which are difficult to predict and are beyond our control.
Although we believe our expectations reflected in these
forward-looking statements are based on reasonable assumptions,
stockholders are cautioned that no assurance can be given that our
expectations will prove correct. Actual results and developments
may differ materially from the expectations expressed in or implied
by these statements, based on various factors, including the
effects of the global economic recession and its impact on our
sales volumes and pricing of our products, our ability to collect
our receivables from customers and our ability to raise funds at
reasonable rates; fluctuations in worldwide markets for corn and
other commodities, and the associated risks of hedging against such
fluctuations; fluctuations in the markets and prices for our
co-products, particularly corn oil; fluctuations in aggregate
industry supply and market demand; the behavior of financial
markets, including foreign currency fluctuations and fluctuations
in interest and exchange rates; continued volatility and turmoil in
the capital markets; the commercial and consumer credit
environment; general political, economic, business, market and
weather conditions in the various geographic regions and countries
in which we manufacture and/or sell our products; future financial
performance of major industries which we serve, including, without
limitation, the food and beverage, pharmaceuticals, paper,
corrugated, textile and brewing industries; energy costs and
availability, freight and shipping costs, and changes in regulatory
controls regarding quotas, tariffs, duties, taxes and income tax
rates; operating difficulties; boiler reliability; our ability to
effectively integrate acquired businesses; labor disputes; genetic
and biotechnology issues; changing consumption preferences and
trends; increased competitive and/or customer pressure in the
corn-refining industry; and the outbreak or continuation of serious
communicable disease or hostilities including acts of terrorism.
Our forward-looking statements speak only as of the date on which
they are made and we do not undertake any obligation to update any
forward-looking statement to reflect events or circumstances after
the date of the statement as a result of new information or future
events or developments. If we do update or correct one or more of
these statements, investors and others should not conclude that we
will make additional updates or corrections. For a further
description of these and other risks, see “Risk Factors” included
in our Annual Report on Form 10-K for the year ended December 31,
2009 and subsequent reports on Forms 10-Q or 8-K.
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