The $900-million facility has been refinanced with new three-year $300 million and five-year $600 million term facilities at margins of 150 basis points and 175 bps respectively, a company statement, released over the weekend, said.

Fertiglobe has also increased the size of its Revolving Credit Facility (RCF) to $600 million, from $300 million, at a reduced margin of 140 bps from 175 bps previously. The maturity of the RCF has been extended to 2027, from 2026. The company has not yet drawn from this RCF.

The above moves have pushed Fertiglobe's average debt maturity to 4.3 years from 1.3 years, boosting liquidity and cashflow, and will allow the company to pursue growth opportunities, the statement said.

Fertiglobe is the largest producer of nitrogen fertilisers in the Middle East and North Africa region with a production capacity of 6.7 million tonnes of urea and merchant ammonia produced in the UAE, Egypt and Algeria.

It raised $795 million from an initial public offering on the Abu Dhabi stock exchange last year.

(Reporting by Rachna Uppal; Editing by Emelia Sithole-Matarise)