Itafos Announces Refinancing of US$20,000,000 Secured Working Capital Facility at Itafos Conda
ITAFOS ANNOUNCES REFINANCING OF US$20,000,000 SECURED WORKING CAPITAL FACILITY
AT ITAFOS CONDA
TORONTO, ON – August 10, 2020 – Itafos (TSX-V: IFOS) (the “ Company”) announced today that its
wholly owned subsidiary, Itafos Conda LLC (“ Itafos Conda ”), has closed a US$20,000,000 secured
working capital facility with JPMorgan Chase Bank, N.A. (the “ Revolving Facility”), which refinanced the
US$20,000,000 secured working capital facility with Gavilon Fertilizer, LLC (the “Gavilon Facility”).
“The refinancing of our working capital facility lowers our cost of capital and provides a long-term solution
to working capital management,” said George Burdette, CFO of Itafos.
The Revolving Facility considers a commitment to loan up to US$20,000,000, of which US$10,000,000 was
drawn at closing. The proceeds of the Revolving Facility will i nitially be used to repay the Gavilon Facility
and thereafter for working capital and general purposes. The Revolving Facility bears interest at a variable
rate tied to LIBOR, with an effective rate ranging from approxi mately 3-4% per annum on drawn amounts
and 0.375% per annum on undrawn committed amounts. The Revolvin g Facility has a maturity of three
years, which can be extended by a greement of the parties. The R evolving Facility will be secured by the
accounts receivable, inventory and cash of Itafos Conda. In connection with closing the Revolving Facility,
Itafos Conda is subject to other terms, fees and cost reimburse ments standard and customary for similar
agreements.
In addition to the Revolving Facility, JPMorgan Chase Bank, N.A. provides various banking services to the
Company and Itafos Conda.
About Itafos
The Company is a pure play phosphate and specialty fertilizer p latform with an attractive portfolio of
strategic businesses and projects located in key fertilizer markets, including North America, South America
and Africa.
The Company’s businesses and projects are as follows:
Itafos Conda – a vertically integrated phosphate mine and fert ilizer business with production and
sales capacity of approximately 550kt per year of monoammonium phosphate (“MAP”), MAP with
micronutrients (“MAP+”), superphosphoric acid (“SPA”), merchant grade phosphoric acid (“MGA”)
and ammonium polyphosphate (“APP”) located in Idaho, US;
Itafos Arraias – a vertically integrated phosphate mine and fe rtilizer business with production and
sales capacity of approximatel y 500kt per year of single superp hosphate (“ SSP”), SSP with
micronutrients (“ SSP+”) and approximately 40kt per year of excess sulfuric acid loca ted in
Tocantins, Brazil;
Itafos Farim – a high-grade phosphate mine project located in Farim, Guinea-Bissau;
Itafos Paris Hills – a high-grade phosphate mine project locat ed in Idaho, US;
Itafos Santana – a vertically integrated high-grade phosphate mine and fertilizer plant project
located in Pará, Brazil;
Itafos Mantaro – a phosphate m ine project located in Junin, Peru; and
Itafos Araxá – a vertically integrated rare earth elements and niobium mine and extraction plant
project located in Minas Gerais, Brazil.
For more information, or to join the Company’s mailing list to receive notification of future news releases,
please visit the Company’s website at www.itafos.com.
Forward Looking Information
Certain information contained in this news release constitutes forward looking information. All information
other than information of historical fact is forward looking information. The use of any of the words “intend”,
“anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “would”, “believe”,
“predict” and “potential” and s imilar expressions are intended to identify forward looking information. This
information involves known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated i n such forward looking information. No
assurance can be given that this information will prove to be correct and such forward looking information
included in this news release should not be unduly relied upon.
Forward looking information is subject to a number of risks and other factors that could cause actual results
and events to vary materially from that anticipated by such for ward looking information. Although the
Company has attempted to identify important factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be oth er factors that cause results not to be as
anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected
results described in forward-looking statements include, but are not limited to, those risk factors set out in
the Company’s Management Discussion and Analysis and other disclosure documents available under the
Company’s profile at www.sedar.com and on the Company’s website at www.itafos.com. Readers are
cautioned that the foregoing list of risks, uncertainties and a ssumptions are not exhaustive. The forward-
looking information included in this news release is expressly qualified by this cautionary statement and is
made as of the date of this news release. The Company undertake s no obligation to publicly update or
revise any forward-looking information except as required by applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) AC CEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
For further information, please contact:
Itafos Investor Relations
www.itafos.com