Company: CF
Filing Date: 2025-11-19
Form Type: 424B2
Source: 0001104659-25-113972
Chunk: 14

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-19
Form: 424B2
Chunk 14
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 (or with the guarantee), including additional unsecured indebtedness or trade payables, the holders of that indebtedness will be entitled to share ratably with holders of the notes in any proceeds distributed in connection with any insolvency, liquidation, reorganization, dissolution or other winding-up of us or a guarantor. This may have the effect of reducing the amount of proceeds paid to holders of the notes in connection with such a distribution.

Any increase in our level of indebtedness will have several important effects on our future operations, including, without limitation:

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we will have additional cash requirements in order to support the payment of interest on our outstanding indebtedness;

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place us at a competitive disadvantage compared to our competitors that have less debt;

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limit our flexibility in planning for, or reacting to, changes in our business or the industry in which we operate;

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restrict us from making strategic acquisitions, introducing new technologies or exploiting business opportunities;

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expose us to the risk of increased interest rates as certain of our borrowings are (and may be in the future) at a variable rate of interest;

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make it difficult for us to satisfy our obligations with respect to the notes and for us to satisfy our obligations with respect to our other debt;

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any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations;

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any failure to make payments of interest and principal on our outstanding indebtedness on a timely basis would likely result in a reduction of our credit rating, which could harm our ability to incur additional indebtedness;

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increase our vulnerability to adverse changes in general economic and industry conditions, as well as to competitive pressure; and

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depending on the levels of our outstanding indebtedness, limit our ability to obtain additional financing for working capital, capital expenditures, general corporate and other purposes.

The notes will be structurally subordinated to all of the obligations of the Issuer’s subsidiaries. Our ability to service our debt is dependent on the performance of our subsidiaries.

Creditors of a subsidiary are entitled to be paid what is due 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