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IMC Global may seek to sell former Harris assets

10 September 1998: US-based chemicals operation IMC Global Inc. said it is exploring strategic options including the possible divestiture of certain former Harris Chemical Group Inc. chemical assets a…

10 September 1998: US-based chemicals operation IMC Global Inc. said it is exploring strategic options including the possible divestiture of certain former Harris Chemical Group Inc. chemical assets and businesses. The company acquired Harris Chemical and its Australian affilate Penrice Soda Products Pty Ltd earlier this year for about US$ 1.4 billion in cash and assumed debt. IMC also stated that it is refinancing debt assumed through the acquisition, according to a recent press release. The company reportedly said it has commenced a tender for about US$ 97 million principal amount of 8.5% senior secured notes due 2000, which will expire on 29 September.

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