Fertilizer maker Terra Nitrogen won't be renewing its three-year-old accounts receivables securitization facility when it expires in August.

The facility, made possible from parent company Terra Industries Inc., will impact the firm's bottom line, since it will have to repurchase any previously securitized receivables not yet matured.

The firm said the selling of its distribution arm meant further receivables would be dwindling, therefore making the conduit unnecessarily expensive. - TC

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