Company: CF
Filing Date: 2025-11-21
Form Type: 424B2
Source: 0001104659-25-115010
Chunk: 16

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-21
Form: 424B2
Chunk 16
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 to them before assets of the subsidiary become available for creditors of its parent. While the notes will be guaranteed by the Parent, the notes will

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not be guaranteed by any of the Issuer’s subsidiaries and will therefore be structurally subordinated in right of payment to all existing and future indebtedness, liabilities and other obligations of the Issuer’s subsidiaries. The incurrence of indebtedness, liabilities or other unsecured obligations by any of our non-guarantor subsidiaries is not prohibited by the indenture governing the notes and could adversely affect our ability to pay our obligations on the notes.

The Parent is a holding company with no independent operations and is dependent on distributions of funds from the Issuer for cash. Consequently, the Parent’s ability to service its debt, including the guarantee, depends in part upon the earnings of the Issuer and the distribution of those earnings, or upon loans or other payments of funds by the Issuer, to the Parent. The payment of dividends and the making of loans and advances to the Parent by the Issuer may be subject to statutory or contractual restrictions, may depend upon the earnings of the Issuer and may be subject to various business considerations.

The limited covenants in the indenture governing the notes and the terms of the notes will not provide protection against significant events that could adversely impact your investment in the notes.

The indenture governing the notes will not:

•

require us to maintain any financial ratios or specific levels of net worth, revenues, income, cash flow or liquidity ;

•

limit our ability to incur additional unsecured indebtedness;

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restrict our non-guarantor subsidiaries’ ability to issue securities or otherwise incur indebtedness that would be senior to our equity interests in our subsidiaries;

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restrict our ability to repurchase or prepay our securities; or

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restrict our or our subsidiaries’ ability to make investments or to repurchase or pay dividends or make other payments in respect of our common stock or other securities ranking junior to the notes.

As a result of the foregoing, when evaluating the terms of the notes, you should be aware that the terms of the indenture governing the notes, the notes and the related guarantee will not restrict our ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances and events that could have an adverse impact on your investment in the notes. You should also be aware that if we incur any additional debt that ranks equally with the notes, the holders of that debt will