Matt Hutworth

Matt Hutworth requested an update on FMC's upcoming debt maturities and covenant obligations, along with the plan for refinancing the next tranches of debt.

Answer

Andrew Sandifer, EVP and CFO, stated that FMC has $500 million bonds maturing in October, which they intend to refinance in the first half of the year. He emphasized the focus on reducing total debt by $1 billion in 2026 through asset sales and licensing, and noted that the revolving credit facility covenants were recently renegotiated to 6 times through Q3 2026 to provide flexibility.

Matt Hutworth requested an update on upcoming debt maturities and covenant obligations, and the company's plan for addressing the next tranches of debt coming due.

Answer

Andrew Sandifer, EVP and CFO, addressed the $500 million bonds maturing in October, stating the intent to refinance them in the first half of the year. He reiterated the plan to reduce total debt by $1 billion in 2026 through asset sales and licensing. He also mentioned the renegotiated revolving credit facility with higher covenants (6x through Q3 2026) to manage debt levels and working capital, especially given the Q1 seasonality.