Company: CF
Filing Date: 2025-11-19
Form Type: 424B2
Source: 0001104659-25-113972
Chunk: 16

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-19
Form: 424B2
Chunk 16
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 future.

The notes and the related guarantee will not be secured by any of our assets or those of our subsidiaries. As a result, the notes and the related guarantee will be effectively subordinated to any secured debt the Issuer or the Parent may incur to the extent of the value of the assets securing such debt. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of our secured debt may assert rights against the secured assets in order to receive full payment of their debt before the assets may be used to pay the holders of the notes.

We cannot assure you that an active trading market will develop for the notes.

Prior to this offering, there was no market for the notes. We do not intend to apply to list the notes on any national securities exchange or include them in any automated quotation system. The underwriters have informed us that they intend to make a market in the notes after this offering is completed. The underwriters, however, may cease their market-making at any time without notice. We cannot assure you a trading market for your notes will ever develop or be maintained if developed. Furthermore, we cannot assure you as to the liquidity of any trading market that may develop for the notes, whether you will be able to sell the notes, or the price at which you may be able to sell the notes. The price at which the notes may trade will depend on many factors, including, but not limited to, prevailing interest rates, general economic conditions, our performance and financial results and markets for similar securities. The condition of the financial markets and prevailing

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interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market price of the notes.

We may be unable to repurchase our debt, including the notes, if we experience a change of control and a related downgrade in the credit rating of the notes.

Under certain circumstances, we will be required, under the terms of the indenture governing the notes, to offer to purchase all of the outstanding notes at 101% 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