FMC Corporation has entered into Amendment No. 5 to its existing Fifth Amended and Restated Credit Agreement, originally dated June 17, 2022, with Citibank, N.A. as administrative agent and a syndicate of lenders. The amendment extends the covenant relief period to the earlier of December 31, 2028, or until FMC provides notice of its termination. During this period, modifications are made to the leverage and interest coverage ratio covenants, subsidiary indebtedness is capped at $350 million subject to exceptions, and increases to the regular quarterly dividend above $0.08 per share are restricted unless certain leverage conditions are met. Additionally, the amendment requires that the aggregate value of certain qualifying intellectual property remains above $1 billion, and stipulates that a lien over most company assets will be granted if FMC receives sub-investment-grade ratings from at least two major credit rating agencies.
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