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NTR Prices $1-Billion 5-Year and 10-Year Senior Notes Offering
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Key Takeaways
Nutrien priced $500M of 4.85% notes due 2031 and $500M of 5.35% notes due 2036.
NTR plans to repay 2026 senior notes and reduce short-term credit facility debt.
Nutrien reaffirmed 2026 EBITDA, sales volume and capital spending guidance ranges.
Nutrien Ltd. (NTR - Free Report) has priced two senior note offerings totaling $1 billion, aimed at managing debt maturities while maintaining liquidity and operational stability. The company is issuing $500 million of 4.85% senior notes due May 29, 2031, and $500 million of 5.35% senior notes due May 29, 2036. The offering is expected to close around May 29, 2026, subject to customary closing conditions.
According to the company, proceeds from the offering will primarily be used to repay its $500 million 4% senior notes maturing on Dec. 15, 2026. Additional funds will help reduce debt under its short-term credit facilities, support working capital needs and cover general corporate purposes.
The new senior notes will be unsecured and will rank equally with NTR’s existing senior unsecured debt obligations. CIBC World Markets Corp., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and Scotia Capital (USA) Inc. are serving as joint book-running managers for the offering.
Nutrien ended the first quarter with cash and cash equivalents of $777 million, up from $701 million at the end of 2025. Long-term debt declined 5.6% to $8,825 million from $9,350 million at the end of 2025, while total long-term debt, including the current portion, was $9,861 million compared with $9,863 million at year-end.
Cash used in operating activities was $851 million in the first quarter. Nutrien said the year-over-year improvement primarily reflected higher fertilizer benchmark pricing, increased Retail earnings and record potash sales volumes.
Management reaffirmed full-year guidance following the quarter. Retail adjusted EBITDA is still expected in the $1.75-$1.95 billion range, reflecting the company’s outlook for crop input demand and downstream execution through the year.
Nutrien maintained its sales volume outlook across the upstream portfolio as well. Potash sales volumes are projected at 14.1-14.8 million tons, Nitrogen at 9.2-9.7 million tons and Phosphate at 2.4-2.6 million tons. The company also reiterated capital expenditures guidance of $2-$2.1 billion, with depreciation and amortization expected at $2.4-$2.5 billion and finance costs at $0.65-$0.75 billion.
NTR’s stock has gained 16.9% over the past year compared with the industry’s 8.3% growth.
Image Source: Zacks Investment Research
NTR’s Zacks Rank & Key Picks
NTR currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the Basic Materials space are CF Industries Holdings, Inc. (CF - Free Report) , Albemarle Corporation (ALB - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) .
The Zacks Consensus Estimate for CF’s 2026 earnings is pegged at $15.67 per share, indicating a rise of 67.24% year over year. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 11.42%. CF’s shares have soared 29.1% over the past year.
The Zacks Consensus Estimate for ALB’s 2026 earnings is pinned at $12.45 per share, indicating a 1,675.95% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, while missing it in one, with an average surprise of 74.5%. ALB’s shares have jumped 208.7% over the past year.
The Zacks Consensus Estimate for ASM’s current fiscal-year earnings is pinned at 39 cents per share, indicating a 34.48% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the four trailing quarters, with an average earnings surprise of 125%.
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NTR Prices $1-Billion 5-Year and 10-Year Senior Notes Offering
Key Takeaways
Nutrien Ltd. (NTR - Free Report) has priced two senior note offerings totaling $1 billion, aimed at managing debt maturities while maintaining liquidity and operational stability. The company is issuing $500 million of 4.85% senior notes due May 29, 2031, and $500 million of 5.35% senior notes due May 29, 2036. The offering is expected to close around May 29, 2026, subject to customary closing conditions.
According to the company, proceeds from the offering will primarily be used to repay its $500 million 4% senior notes maturing on Dec. 15, 2026. Additional funds will help reduce debt under its short-term credit facilities, support working capital needs and cover general corporate purposes.
The new senior notes will be unsecured and will rank equally with NTR’s existing senior unsecured debt obligations. CIBC World Markets Corp., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and Scotia Capital (USA) Inc. are serving as joint book-running managers for the offering.
Nutrien ended the first quarter with cash and cash equivalents of $777 million, up from $701 million at the end of 2025. Long-term debt declined 5.6% to $8,825 million from $9,350 million at the end of 2025, while total long-term debt, including the current portion, was $9,861 million compared with $9,863 million at year-end.
Cash used in operating activities was $851 million in the first quarter. Nutrien said the year-over-year improvement primarily reflected higher fertilizer benchmark pricing, increased Retail earnings and record potash sales volumes.
Management reaffirmed full-year guidance following the quarter. Retail adjusted EBITDA is still expected in the $1.75-$1.95 billion range, reflecting the company’s outlook for crop input demand and downstream execution through the year.
Nutrien maintained its sales volume outlook across the upstream portfolio as well. Potash sales volumes are projected at 14.1-14.8 million tons, Nitrogen at 9.2-9.7 million tons and Phosphate at 2.4-2.6 million tons. The company also reiterated capital expenditures guidance of $2-$2.1 billion, with depreciation and amortization expected at $2.4-$2.5 billion and finance costs at $0.65-$0.75 billion.
NTR’s stock has gained 16.9% over the past year compared with the industry’s 8.3% growth.
Image Source: Zacks Investment Research
NTR’s Zacks Rank & Key Picks
NTR currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the Basic Materials space are CF Industries Holdings, Inc. (CF - Free Report) , Albemarle Corporation (ALB - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) .
While CF and ALB sport a Zacks Rank #1 (Strong Buy) each at present, ASM carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CF’s 2026 earnings is pegged at $15.67 per share, indicating a rise of 67.24% year over year. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 11.42%. CF’s shares have soared 29.1% over the past year.
The Zacks Consensus Estimate for ALB’s 2026 earnings is pinned at $12.45 per share, indicating a 1,675.95% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, while missing it in one, with an average surprise of 74.5%. ALB’s shares have jumped 208.7% over the past year.
The Zacks Consensus Estimate for ASM’s current fiscal-year earnings is pinned at 39 cents per share, indicating a 34.48% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the four trailing quarters, with an average earnings surprise of 125%.