Potash Sells $1 Billion of Debt to Buy Back Shares

Bloomberg reports that Potash Corp. (TSX:POT) of Saskatchewan Inc. sold $1 billion of debt to help pay for a planned stock buyback.

The market news is quoted as saying:

Potash announced the plan to repurchase as much as $2 billion, or about 4.9 percent, of its outstanding shares last week after BHP Billiton Ltd. withdrew a $40 billion offer to acquire a controlling interest in the company. The fertilizer company’s stock rose 90 cents, or 0.6 percent, to $141.15 in New York Stock Exchange composite trading. BHP Billiton offered $130 a share to acquire Potash.

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