Mosaic announces secondary offering common stock
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Mosaic announces secondary offering of common stock

4:35 PM, 16th May 2011
Mosaic announces secondary offering of common stock

 

PLYMOUTH, US: Mosaic Company announced the commencement of a secondary offering of 100 million shares of common stock related to Cargill Incorporated’s exchange of its approximately 64 per cent interest in Mosaic with Cargill stockholders and certain debt holders. The secondary offering is expected to be comprised of 92.5 million shares owned by Cargill’s debt holders following a debt-for-equity exchange and 7.5 million shares owned by a charitable trust and foundation formed through the estate planning of Margaret A Cargill. In addition, the underwriters have been granted a 30-day option to purchase up to 15 million additional shares from certain of the selling stockholders to cover over-allotments, if any.

The shares to be sold in the offering consist of common stock of GNS II (US) Corp, a wholly-owned subsidiary of Mosaic. Pursuant to the restructuring transactions related to the split-off of Mosaic from Cargill, GNS II will become the parent of Mosaic and will be renamed The Mosaic Company. Completion of the offering will be conditioned on completion of the restructuring transactions. Neither Mosaic nor GNS II will receive any proceeds from the offering and there will be no change to the outstanding shares or earnings per share of Mosaic as a result of the transaction.

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