FMC Corp. said it signed a new $700 million credit agreement with a group of 22 lenders led by its long-time agent bank, Morgan Guaranty Trust Co.

Though an existing $583 million revolver, obtained in 1987, was not sent to expire until May 1994, FMC was able to win more favorable pricing and looser covenants on the new deal, reflecting its reemergence earlier this year as an investment-grade credit.

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