Grain News


Viterra Completes Transfer of Grain Elevators and Other Assets to Richardson International and CF Industries

Date Posted: May 1, 2013

Regina, SK—Viterra Inc. (Viterra) is pleased to announce that it has transferred to Richardson International Limited (Richardson) (i) certain Canadian grain elevators; (ii) certain agri-centres co-located with certain of the grain elevators; (iii) all oat milling assets and shares relating to Viterra's oat milling business in Canada; (iv) all assets or shares of the 21st Century Grain Processing business of Viterra in the United States; and (v) a terminal at Thunder Bay, Ontario, together with the net working capital with respect to certain of these assets, which reduced the outstanding loan provided by Richardson in accordance with the provisions of the purchase agreement (the Richardson Agreement) between, among others, Viterra and Richardson by C$677 million.

In addition, Viterra has also completed the sale of its minority interest in a nitrogen facility located in Medicine Hat, Alberta to CF Industries Holdings, Inc., the purchaser nominated by Agrium Inc. (Agrium).

The sale reduced by C$995 million the outstanding loan provided by Agrium in accordance with the provisions of the support and purchase agreement (the Agrium Agreement) between, among others, Viterra and Agrium.

Richardson paid Viterra approximately C$96 million on closing of the asset transfer to Richardson on account of the purchase price adjustment in accordance with the provisions of the Richardson Agreement.

Viterra will pay Agrium approximately C$75 million as a partial purchase price adjustment and the material purchase price adjustments under the Agrium Agreement have not been determined at this time.

The purchase price adjustments are in each case subject to adjustments in certain circumstances.

The Richardson Agreement and the Agrium Agreement are available on SEDAR at www.sedar.com under Viterra's profile.

More information about Viterra can be found at www.viterra.com.

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