Company: CF
Filing Date: 2025-11-21
Form Type: 424B2
Source: 0001104659-25-115010
Chunk: 18

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-21
Form: 424B2
Chunk 18
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 of their principal amount if we experience a change of control and a related downgrade in the credit rating of the notes that together constitute a Change of Control Triggering Event. Our failure to repurchase the notes upon a Change of Control Triggering Event would cause a default under the indentures governing the notes and a cross default under the Credit Agreement and the indentures governing our outstanding debt securities. The Credit Agreement also provides that a change of control will be an event of default that permits lenders to accelerate the maturity of borrowings thereunder. The indentures governing our outstanding debt securities contain, and any of our future debt agreements may contain, similar provisions. If a Change of Control Triggering Event were to occur, we cannot assure you that we would have sufficient funds to purchase the notes or any other securities that we would be required to offer to purchase. We may require additional financing from third parties to fund any such purchases, but we cannot assure you that we would be able to obtain such financing.

The change of control provision may not protect you in the event we consummate a highly leveraged transaction, reorganization, restructuring, merger or other similar transaction, unless such transaction constitutes a Change of Control Triggering Event. Such a transaction may not involve a change of the magnitude required under the definition of change of control or may not result in a ratings downgrade to trigger our obligation to repurchase the notes. Except as described under “Description of Notes — Change of Control,” the notes do not contain provisions that permit the holders of the notes to require us to repurchase or redeem the notes in the event of a takeover, recapitalization or similar transaction.

In addition, if we were to experience a change of control that would constitute an event of default under such credit agreement, and the lenders’ commitments under the Amended and Restated Revolving Credit Facility (as defined herein) were terminated as a result, we might not be able to replace the Amended and Restated Revolving Credit Facility on terms equal to or more favorable than the current terms.

Redemption prior to maturity may adversely affect your return on the notes.

The Issuer may choose to redeem the notes at any time prior to their maturity date. If the Issuer chooses to redeem your notes, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on your notes being redeemed.

The credit ratings for the notes could be lowered or withdrawn in the future.

We expect that the notes will be rated by one or more nationally recognized