New York, August 12, 2015 -- Moody's Investors Service says that CF Industries Holdings Inc.'s (Baa2 stable) strategic venture with CHS Inc. (unrated) is a credit positive as it will reduce net debt outstanding in its capital structure subsequent to the combination with certain businesses of OCI N.V. in exchange for a very modest reduction in EBITDA of roughly 5-7%. Under this strategic venture, CHS will make a $2.8 billion equity investment into CF industries Nitrogen (CF Nitrogen), which will supply CHS with up to 1.7 million tons of UAN and urea annually at market prices. CHS will then be entitled to receive semi-annual profit distributions from CF Nitrogen that will be roughly in proportion to the volume of fertilizer it purchases. The volume sold through CF Nitrogen to CHS represents 8.9% of CF's total expanded production capacity prior to combining with certain businesses of OCI N.V. and roughly 7% subsequent to the transaction.

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