Company: CF
Filing Date: 2025-11-21
Form Type: 424B2
Source: 0001104659-25-115010
Chunk: 34

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-21
Form: 424B2
Chunk 34
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(2) if the notes are rated Investment Grade by at least two of the Rating Agencies on the first day of the Trigger Period, the notes are downgraded to below Investment Grade (i.e., below BBB- or Baa3) by at least two of the Rating Agencies on any date during the Trigger Period; or

(3) if the notes are rated by only two Rating Agencies on the first day of the Trigger Period, one of which has rated the notes Investment Grade (“Rating Agency 1”) and one of which has rated the notes below Investment Grade (“Rating Agency 2”), the notes are downgraded to below Investment Grade (i.e., below BBB- or Baa3) by Rating Agency 1 on any date during the Trigger Period and the notes are downgraded by at least one rating category (e.g., from BB+ to BB or Ba1 to Ba2) from the applicable rating of the notes on the first day of the Trigger Period by Rating Agency 2 on any date during the Trigger Period,

provided, that a Rating Event otherwise arising by virtue of a particular downgrade in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if the Rating Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm or inform the Issuer that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Rating Event). For the avoidance of doubt, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and its successors.

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TABLE OF CONTENTS

“Subsidiary” means, as to any Person, (i) any corporation more than 50% of whose stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any