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CF Industries (CF) Subsidiary Redeems Senior Notes Due 2018
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CF Industries Holdings, Inc.’s (CF - Free Report) fully-owned subsidiary CF Industries, Inc. has redeemed all of the $800 million outstanding principal amount of its 6.875% senior notes due May 2018.
This was done in accordance with the optional redemption provisions of the indenture governing the notes. The total redemption value was around $816.6 million plus accrued and unpaid interest to, but not including, Dec 1, 2017.
CF Industries has significantly outperformed the industry it belongs to over the last six months. The company’s shares have moved up 43% over this period, compared with roughly 24.5% growth recorded by the industry.
According to CF Industries, the global demand for urea was strong during the third quarter and imports to Brazil went up through August by roughly 50% year over year. Also, during the quarter, India issued three tenders resulting in purchase of 1.4 million metric tons of urea.
The third quarter also witnessed a rapid increase in the global price of urea from second quarter, which was driven by considerably lower Chinese exports, higher production and energy costs, a weaker dollar and strong global demand.
The company expects lower Chinese urea export volumes to continue and volatility in nitrogen prices in global markets to continue through 2018.
CF Industries is also well placed to gain from its efforts to boost production capacity. The company is also enjoying the benefit of ample natural gas supply.
Ingevity has expected long-term earnings growth of 12%. Its shares have gained 44.1% year to date.
Koppers has expected long-term earnings growth of 18%. Its shares have rallied 25.1% year to date.
Westlake Chemical has expected long-term earnings growth of 10.6%. Its shares have moved up 76% year to date.
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CF Industries (CF) Subsidiary Redeems Senior Notes Due 2018
CF Industries Holdings, Inc. Price and Consensus
CF Industries Holdings, Inc. Price and Consensus | CF Industries Holdings, Inc. Quote
Zacks Rank & Other Stocks to Consider
CF Industries currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are Ingevity Corporation (NGVT - Free Report) , Koppers Holding Inc. (KOP - Free Report) and Westlake Chemical Corporation (WLK - Free Report) , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Ingevity has expected long-term earnings growth of 12%. Its shares have gained 44.1% year to date.
Koppers has expected long-term earnings growth of 18%. Its shares have rallied 25.1% year to date.
Westlake Chemical has expected long-term earnings growth of 10.6%. Its shares have moved up 76% year to date.
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors.
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