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Table of Contents

As filed with the Securities and Exchange Commission on April 14, 2009March 19, 2010

Registration Number 333-157462333-165224

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No. 1
to

to

Form S-4

REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933

CF INDUSTRIES HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)

4 Parkway North, Suite 400
Deerfield, Illinois 60015
(847) 405-2400
(Address, including zip code, and telephone number,
including area code, of registrant's principal executive offices)
(Name, address, including zip code, and telephone number,
including area code, of agent for service)

Douglas C. Barnard
Vice President, General Counsel, and Secretary
4 Parkway North, Suite 400
Deerfield, Illinois 60015
(847) 405-2400

Copies to:
Brian W. Duwe
Richard C. Witzel, Jr.
Skadden, Arps, Slate, Meagher & Flom LLP
333 West155 North Wacker Drive
Chicago, Illinois 60606
(312) 407-0700

         Approximate date of commencement of proposed sale of securities to the public: As soon as practicable after the effective date of this Registration Statement.

         If the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance with General Instruction G, check the following boxo

         If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offeringo

         If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offeringo

         Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

CALCULATION OF REGISTRATION FEE

(1)

Each share of CF Industries Holdings, Inc. common stock includes a right to purchase one one-thousandth of a share of Series A Junior Participating Preferred Stock pursuant to the Rights Agreement, dated as of July 21, 2005, between CF Industries Holdings, Inc. and The Bank of New York Mellon Corporation (formerly known as The Bank of New York).

(2)

Represents the maximum number of shares of CF Industries Holdings, Inc. common stock (together with the attached preferred share purchase rights) that can be issued in the exchange offer and second-step merger.

(3)

Pursuant to Rule 457(c) and Rule 457(f) under the Securities Act, and solely for the purpose of calculating the registration fee, the market value of the securities to be received was calculated as the product of (i) 100,757,349 shares of Terra Industries Inc. common stock (the sum of (x) 99,700,706 shares of Terra Industries Inc. common stock outstanding as of February 27, 2009 and (y) 1,057,643 shares of Terra Industries Inc. common stock issuable upon the vesting of restricted stock and the conversion of Terra Industries Inc. preferred stock (as reported in Terra Industries Inc.'s Annual Report on Form 10-K for the year ended December 31, 2008, less 1,000 shares of Terra Industries Inc. common stock owned by CF Composite, Inc., a wholly-owned subsidiary of CF Industries Holdings, Inc.) and (ii) the average of the high and low sales prices of Terra Industries Inc. common stock as reported on the New York Stock Exchange on February 17, 2009 ($23.31).

(4)

Amount previously paid: $94,900.57.

         The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

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The information contained in this prospectus/offer to exchange may be changed. CF Industries Holdings, Inc. and Composite AcquisitionMerger Corporation may not complete the exchange offer and issue these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus/offer to exchange is not an offer to sell these securities and CF Holdings and Composite AcquisitionMerger Corporation are not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

DATED APRIL 14, 2009MARCH 19, 2010

Offer to Exchange

Each Outstanding Share of Common Stock
of
TERRA INDUSTRIES INC.
for
0.4235$37.15 in Cash and
0.0953 Shares of Common Stock of CF Industries Holdings, Inc.
(together with the associated preferred stock purchase rights)
by
COMPOSITE ACQUISITIONMERGER CORPORATION,
a directan indirect wholly-owned subsidiary of
CF INDUSTRIES HOLDINGS, INC.

         Composite AcquisitionMerger Corporation ("Composite"), a Maryland corporation and a directan indirect wholly-owned subsidiary of CF Industries Holdings, Inc. ("CF Holdings"), a Delaware corporation, is offering, upon the terms and subject to the conditions set forth in this prospectus/offer to exchange and in the accompanying letter of transmittal, to exchange each of the issued and outstanding shares of common stock, without par value (the "Terra common stock"), of Terra Industries Inc., a Maryland corporation ("Terra"), for 0.4235(i) $37.15 in cash, less any applicable withholding taxes and without interest, and (ii) 0.0953 shares (the "exchange ratio") of the common stock, par value $0.01 per share, of CF Holdings (together with the associated preferred stock purchase rights) (the "CF Holdings common stock"). In addition, you will receive cash in lieu of any fractional shares of CF Holdings common stock to which you may otherwise be entitled.

         The offer is being made pursuant to an Agreement and Plan of Merger, dated as of March 12, 2010, by and among CF Holdings'Holdings, Composite and Terra. Pursuant to the merger agreement, after the offer is completed, subject to the approval of Terra's stockholders if required by applicable law, Composite will merge with and into Terra (the "second-step merger"). The Terra board of directors determined that the offer, the second-step merger and the other transactions contemplated by the merger agreement are advisable to, and in the best interests of, Terra and its stockholders and approved the merger agreement, the offer, the second-step merger and the other transactions contemplated by the merger agreement.The Terra board of directors recommends that Terra stockholders accept the offer by tendering their Terra common stock into the offer.

         Composite's obligation to accept for exchange, and to exchange, shares of Terra common stock for shares of CF Holdings common stock is subject to a number ofthe conditions which are described in the section of this prospectus/offer to exchange entitled "The Exchange Offer—Conditions of the Offer" beginning on page 47.74.

         This prospectus/offer to exchange amends and supersedes information included in the prospectus/offer to exchange filed with the Securities and Exchange Commission on February 23, 2009.March 5, 2010.

         THE OFFER AND THE WITHDRAWAL RIGHTS WILL EXPIRE AT 5:12:00 P.M.,MIDNIGHT, NEW YORK CITY TIME, ON MAY 15, 2009,APRIL 2, 2010, OR THE "EXPIRATION DATE," UNLESS EXTENDED. SHARES TENDERED PURSUANT TO THE OFFER MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION OF THE OFFER TO EXCHANGE, BUT NOT DURING ANY SUBSEQUENT OFFERING PERIOD.

         CF Holdings common stock trades on the New York Stock Exchange ("NYSE") under the symbol "CF." Terra common stock trades on the NYSE under the symbol "TRA."

         FOR A DISCUSSION OF RISKS AND OTHER FACTORS THAT YOU SHOULD CONSIDER IN CONNECTION WITH THE OFFER, PLEASE CAREFULLY READ THE SECTION OF THIS PROSPECTUS/OFFER TO EXCHANGE ENTITLED "RISK FACTORS" BEGINNING ON PAGE 19.20.

         Neither CF Holdings nor Composite has authorized any person to provide any information or to make any representation in connection with the offer other than the information contained or incorporated by reference in this prospectus/offer to exchange, and if any person provides any of this information or makes any representation of this kind, that information or representation must not be relied upon as having been authorized by CF Holdings or Composite.

         CF HOLDINGS IS NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND A PROXY TO CF HOLDINGS. As described in this prospectus/offer to exchange, CF Holdings intends to solicit proxies through separate proxy solicitation materials in connection with Terra's 2009 annual meeting of stockholders.

         Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus/offer to exchange. Any representation to the contrary is a criminal offense.

The dealer managers for the offer are:

Morgan Stanley & Co. Incorporated Toll Free: 888-840-4015		Rothschild Inc. Toll Free: 800-753-5151

The date of this prospectus/offer to exchange is April 14, 2009March 19, 2010

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        THIS PROSPECTUS/OFFER TO EXCHANGE INCORPORATES IMPORTANT BUSINESS AND FINANCIAL INFORMATION ABOUT CF HOLDINGS AND TERRA FROM DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, OR THE "SEC," THAT HAVE NOT BEEN INCLUDED IN OR DELIVERED WITH THIS PROSPECTUS/OFFER TO EXCHANGE.

        THIS INFORMATION IS AVAILABLE AT THE INTERNET WEB SITE THE SEC MAINTAINS ATWWW.SEC.GOV, AS WELL AS FROM OTHER SOURCES. PLEASE SEE THE SECTION OF THIS PROSPECTUS/OFFER TO EXCHANGE ENTITLED "WHERE YOU CAN FIND MORE INFORMATION." YOU ALSO MAY REQUEST COPIES OF THESE DOCUMENTS FROM CF HOLDINGS, WITHOUT CHARGE, UPON WRITTEN OR ORAL REQUEST TO CF HOLDINGS' INFORMATION AGENT AT ITS ADDRESS OR TELEPHONE NUMBER SET FORTH ON THE BACK COVER OF THIS PROSPECTUS/OFFER TO EXCHANGE. IN ORDER TO RECEIVE TIMELY DELIVERY OF THE DOCUMENTS, YOU MUST MAKE YOUR REQUEST NO LATER THAN MAY 8, 2009,MARCH 26, 2010, OR FIVE BUSINESS DAYS PRIOR TO THE EXPIRATION DATE OF THE OFFER, WHICHEVER IS LATER.

THIS OFFER DOES NOT CONSTITUTE A SOLICITATION OF PROXIES. ANY SOLICITATION OF PROXIES BY CF HOLDINGS WILL BE MADE ONLY PURSUANT TO SEPARATE PROXY SOLICITATION MATERIALS COMPLYING WITH THE REQUIREMENTS OF SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, OR THE "EXCHANGE ACT." IN CONNECTION WITH THE SOLICITATION OF PROXIES FOR THE 2009 ANNUAL MEETING OF STOCKHOLDERS OF TERRA, CF HOLDINGS AND ITS WHOLLY-OWNED SUBSIDIARY CF COMPOSITE, INC. ("CF COMPOSITE") FILED A PRELIMINARY

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PROXY STATEMENT WITH THE SEC AND INTEND TO FILE A DEFINITIVE PROXY STATEMENT. WHEN COMPLETED, THE DEFINITIVE PROXY STATEMENT OF CF HOLDINGS AND CF COMPOSITE AND ACCOMPANYING PROXY CARD WILL BE MAILED TO STOCKHOLDERS OF TERRA. INVESTORS AND SECURITY HOLDERS OF TERRA ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. INVESTORS AND SECURITY HOLDERS WILL BE ABLE TO OBTAIN FREE COPIES OF ANY DOCUMENTS FILED BY CF HOLDINGS WITH THE SEC THROUGH THE WEB SITE MAINTAINED BY THE SEC ATWWW.SEC.GOV. FREE COPIES OF ANY SUCH DOCUMENTS CAN ALSO BE OBTAINED BY CALLING INNISFREE M&A INCORPORATED TOLL-FREE AT (877) 456-3507.

CF HOLDINGS, CF COMPOSITE, THEIR RESPECTIVE DIRECTORS AND EXECUTIVE OFFICERS AND THE INDIVIDUALS NOMINATED BY CF COMPOSITE FOR ELECTION TO TERRA'S BOARD OF DIRECTORS ARE PARTICIPANTS IN THE SOLICITATION OF PROXIES FROM TERRA STOCKHOLDERS FOR TERRA'S 2009 ANNUAL MEETING OF STOCKHOLDERS. INFORMATION REGARDING SUCH PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT AND INDIRECT INTERESTS IN SUCH SOLICITATION, BY SECURITIES HOLDINGS OR OTHERWISE, IS CONTAINED IN THE PRELIMINARY PROXY STATEMENT FILED BY CF HOLDINGS WITH THE SEC ON APRIL 7, 2009.

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QUESTIONS AND ANSWERS ABOUT THE EXCHANGE OFFER

        Below are some of the questions that you as a holder of shares of Terra Industries Inc., or "Terra," common stock may have regarding the exchange offer and answers to those questions. The answers to these questions do not contain all information relevant to your decision whether to tender your shares of Terra common stock, and CF Industries Holdings, Inc., or "CF Holdings," and Composite AcquisitionMerger Corporation, or "Composite," and together "we," "us" or "our," urge you to read carefully the remainder of this prospectus/offer to exchange and the letter of transmittal.

Who is offering to buy my shares of Terra common stock?

        The offer is made by Composite Merger Corporation, a Maryland corporation and indirect wholly-owned subsidiary of CF Industries Holdings, Inc., a Delaware corporation, through its direct wholly-owned subsidiary Composite Acquisition Corporation, a Maryland corporation. CF Holdings is one of the largest manufacturers and distributors of nitrogen and phosphate fertilizer products in North America. Our operations are organized into two business segments: the nitrogen segment and the phosphate segment. Our principal products in the nitrogen segment are ammonia, urea and urea ammonium nitrate solution. Our principal products in the phosphate segment are diammonium phosphate, monoammonium phosphate and potash.

What are the classes and amountsDoes Terra's board of Terra securities CF Holdings is offering to exchange in thedirectors support your offer?

        We are seekingYes. On March 12, 2010, CF Holdings and Composite entered into an Agreement and Plan of Merger, or the "merger agreement," with Terra to acquire all issued andof the outstanding shares of Terra common stock. Pursuant to the merger agreement, after the offer is completed, subject to the approval of Terra's stockholders if required by applicable law, Composite will merge with and into Terra (the "second-step merger"). As a result of the offer and the second-step merger, Terra will become an indirect, wholly-owned subsidiary of CF Holdings.

        The Terra board of directors by unanimous vote of those directors voting with one absent director separately indicating agreement determined that the offer, the second-step merger and the other transactions contemplated by the merger agreement are advisable to, and in the best interests of, Terra and its stockholders and by unanimous vote of those directors voting with one absent director separately indicating agreement approved the merger agreement, the offer, the second-step merger and the other transactions contemplated by the merger agreement.The Terra board of directors by unanimous vote of those directors voting with one absent director separately indicating agreement recommends that Terra stockholders accept the offer by tendering their Terra common stock without par value,into the offer. Information about the recommendation of Terra.Terra's board of directors is more fully described in Terra's Solicitation/Recommendation Statement on Schedule 14D-9, which is being mailed to Terra stockholders together with this prospectus/offer to exchange and is incorporated herein by reference.

What will I receive for my shares of Terra common stock?

        In exchange for each share of Terra common stock you validly tender and do not withdraw before the expiration date, you will receive 0.4235(i) $37.15 in cash, less any applicable withholding taxes and without interest, and (ii) 0.0953 shares of CF Holdings common stock together(together with the associated preferred stock purchase rights (the "exchange ratio")rights). In addition, you will receive cash in lieu of any fractional shares of CF Holdings common stock to which you may otherwise be entitled.

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What is

        Solely for purposes of illustration, the following table sets forth the implied value of each share of Terra common stock in the offer at different, assumed market prices of CF Holdings common stock:

        The market prices of CF Holdings common stock used in the above table are for purposes of illustration only. The price of CF Holdings common stock fluctuates and may be higher or lower than in these examples at the time shares of Terra common stock are exchanged pursuant to this offer. Each $5.00 increase or decrease in the market value of CF Holdings common stock corresponds to an increase or decrease, respectively, of $0.48 to the implied value per share of Terra common stock in the offer?

        Based on the closing prices of CF Holdings and Terra common stock on the NYSE on January 15, 2009,offer. On March 18, 2010, the last full trading day before CF Holdings made public its proposaldate prior to acquire Terra, the printing of this prospectus/offer represented a premium of $3.71 per share of Terra common stock, or approximately 23% aboveto exchange, the closing price perof a share of Terra common stock. The offer also represented a premium of 34% based on the volume weighted average prices for CF Holdings and Terra common stock in the 30 days prior to the public announcement of CF Holdings' proposal to acquire Terra, and a 29% premium based on the 10-day volume weighted average prior to the public announcement.

        In addition, the exchange ratio of 0.4235 shares of CF Holdings common stock was $93.12. Stockholders are encouraged to obtain current market quotations for each shareshares of Terra common stock is at a significant premium to the average share exchange ratio (determined by dividing the closing price of Terra common stock by the closing price of CF Holdings common stock) of 0.3371 based on the daily closing share prices for the two companies during the twelve months prior to CF Holdings' announcement of its proposal to acquire Terra on January 15, 2009.

        Based on the closing prices ofand CF Holdings common stock and Terra common stock on April 13, 2009, CF Holdings' offer has a value of $30.90 per share of Terra common stock.prior to making any decision with respect to the offer.

        Please also see the section of this prospectus/offer to exchange entitled "Risk Factors" for, among other things, the effect of fluctuations in the market prices of CF Holdings common stock and Terra common stock.

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Will I have to pay any fee or commission to exchange shares of Terra common stock?

        If you are the record owner of your shares and you tender your shares in the offer, you will not have to pay any brokerage fees, commissions or similar expenses. If you own your shares through a broker, dealer, commercial bank, trust company or other nominee and your broker, dealer, commercial bank, trust company or other nominee tenders your shares on your behalf, your broker or such other nominee may charge a fee for doing so. You should consult your broker, dealer, commercial bank, trust company or other nominee to determine whether any charges will apply.

Why is CF Holdings making this offer?

        The purpose ofWhat are the offer is for CF Holdings to acquire control of Terra and ultimately all of the outstanding shares of Terra common stock. The offer, as the first step in the acquisition of Terra, is intended to facilitate the acquisition of Terra. CF Holdings intends, promptly after completion of the offer, to consummate a second-step merger of Composite with and into Terra (the "second-step merger"). The offer is conditioned upon entering into a definitive merger agreement with Terra, which, among other things, would provide for the second-step merger. The purpose of the second-step merger is to acquire all of the issued and outstanding shares of Terra common stock not exchanged pursuant to the offer. Pursuant to the terms of the second-step merger, each remaining issued and outstanding share of Terra common stock (other than shares owned by CF Holdings or any Terra or CF Holdings wholly-owned subsidiary) will be converted into the same fractionbenefits of a sharecombination of CF Holdings common stock as exchanged in the offer, plus cash in lieu of any fractional shares of CF Holdings common stock.and Terra?

        CF Holdings believes that the combination of CF Holdings' and Terra's businesses will create significant value for both CF Holdings' and Terra's current stockholders. The CF Holdings common stock to be issued to Terra stockholders in the offer will allow such stockholders to participate in the growth and opportunities of the combined company. We believe the combination of CF Holdings and Terra is a compelling combination with a number of strategic benefits, including the following:

•

Global Leader in Nitrogen Fertilizers—The combined company will be a leading global producer of nitrogen fertilizers, as measured by capacity, among publicly traded companies. The combined company will be a stronger, more competitive player in the global nitrogen fertilizer industry.



•

Synergies—We expect the transaction to generate $105 - $135 million in annual cost synergies by combining overlapping corporate functions and optimizing transportation and distribution

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systems, and through greater economies of scale in procurement and purchasing. The details of the expected annual cost synergies are as follows:

We expect the combined company to realize these synergies within two years after the closing of the offer and the second-step merger. We also expect the combined company to benefit from a one-time $30 million-to-$60 million release of cash due to inventory reduction. We believe that realization of these synergies combined with improved financial strength will enhance the combined company's ability to safeguard operating jobs.



•

Improved Financial StrengthEnhanced Capital Markets Presence—The combined company would have had 20082009 revenues of $6.8$4.2 billion and will emerge with a stronger balance sheet, featuring a substantial cash balance and relatively little indebtedness.be the largest publicly traded nitrogen fertilizer company in the United States. The combined company will have increased trading liquidity on the NYSE and improved access to the capital markets. We believe these factors will provide the combined company with an enhanced capital markets presence and greater long-term financial stability and access to financial resources and flexibility to pursue future growth opportunities and an enhanced ability to weather difficult industry and capital market conditions than either CF Holdings or Terra would have alone.



•

Attractive Diversification—The combined company and its stockholders will benefit from increased diversification in plant and distribution facility locations, product mix, and end use customer segments and increased exposure to the global market. CF Holdings provides access to

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an extensive in-market distribution network, one of the largest integrated ammonium phosphate complexes in the U.S. (with approximately 1413 years of fully-permitted recoverable phosphate reserves remaining at current operating rates), an ammonia/urea complex under development in Peru, and the ability to import or export products efficiently through our 50% interest in KEYTRADE AG, or "Keytrade," a global fertilizer trading company headquartered near Zurich, Switzerland. Terra provides participation in an ammonia complex in Trinidad, a joint venture in the U.K. and a greater number of production facilities in North America. Additionally, Terra provides a position in ammonium nitrate and an increased position in serving industrial/environmental customers.





•

Complementary Businesses—CF Holdings' and Terra's complementary footprints will give the combined company increased geographic reach in the U.S. In addition, CF Holdings' and Terra's complementary businesses and locations will allow the combined company to improve efficiency in manufacturing and distribution and enhance customer service.



•

Value Creation Potential for All Stockholders—The all-stock naturecash consideration included as part of the offer consideration provides Terra stockholders an opportunity to achieve liquidity and certainty of value. The stock consideration included as part of the offer will allow stockholders of both Terra and CF Holdings to participate ratably in the growth and long-term value creation potential of the combined company, including the significant expected synergies. The nominal price to be paid in the offer (based on CF Holdings' closing stock price on March 11, 2010) represents a 40.6% premium of 34% based onover the 30-day volume weighted average prices for sharesclosing price of CF Holdings and Terra common stock on February 12, 2010, the last trading day prior to the announcement of Terra entering into an agreement and plan of merger with Yara International ASA, which we refer to as the "Yara/Terra merger agreement," and a 13.4% premium over the closing price of Terra common stock on March 1, 2010, the last trading date prior to the public announcement of CF Holdings' proposal to acquire Terra, and a 29% premium based on the 10-day volume weighted average.offer. We expect the transaction, giving effect to the realization of synergies, to be accretive to CF Holdings stockholders in the second year following the closing of the offer and the second-step merger.

        Please see the section of this prospectus/offer to exchange entitled "Background and Reasons for the Offer—Reasons for the Offer."

Have you discussed this exchange offer with the board of Terra?

        CF Holdings has publicly expressed a desire to enter into a negotiated business combination with Terra. On January 15, 2009, CF Holdings delivered a proposal to the Terra board of directors, proposing to acquire all of the outstanding shares of Terra common stock at a fixed exchange ratio of 0.4235 shares of CF Holdings common stock for each share of Terra common stock. The proposal was subject to the negotiation of a definitive merger agreement and receipt of the necessary board and stockholder approvals, as well as conducting reciprocal confirmatory due diligence.

        On January 28, 2009, the Terra board of directors rejected our proposal without meeting or negotiating with us.

        In response to the filing of our original prospectus/offer to exchange with the SEC on February 23, 2009, Terra filed with the SEC on March 5, 2009 a Solicitation/Recommendation Statement on Schedule 14D-9 reporting that Terra's board of directors had determined to recommend that Terra stockholders reject our exchange offer and not tender their shares of Terra common stock to us.

        On March 9, 2009, we delivered a letter to the Terra board of directors, reaffirming our intent to continue to pursue a business combination with Terra and stating that CF Holdings would be prepared to enter into a negotiated merger agreement with Terra that provided an exchange ratio based on $27.50 for each share of Terra common stock, with the exchange ratio to be not less than 0.4129 shares of CF Holdings common stock and not more than 0.4539 shares of CF Holdings common stock per share of Terra common stock. In addition, we stated in such letter that we would be prepared to enter into a negotiated merger agreement under which we would issue a participating preferred stock (instead of CF Holdings common stock) to Terra stockholders that would trade at parity with CF Holdings common stock.

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        On March 11, 2009, the Terra board of directors rejected our proposal of March 9, 2009, without meeting or negotiating with us.

        On March 23, 2009, we delivered a letter to the Terra board of directors, reaffirming our intent to continue to pursue a business combination with Terra and stating that CF Holdings would be prepared to enter into a negotiated merger agreement with Terra, structured as outlined in our letter of March 9, 2009, with an exchange ratio based on $30.50 for each share of Terra common stock, the exchange ratio to be not less than 0.4129 shares of CF Holdings common stock and not more than 0.4539 shares of CF Holdings common stock per share of Terra common stock.

        On March 24, 2009, the Terra board of directors rejected our proposal of March 23, 2009, without meeting or negotiating with us.

        Please see the section of this prospectus/offer to exchange entitled "Background and Reasons for the Offer—Background of the Offer."

Will IU.S. taxpayers be taxed on the CF Holdings common stock and cash if any, I receive?received in the offer or the second-step merger?

        The offer and the second-step merger are intended to qualify as component partsexchange of an integrated transaction that qualifies as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended, or the "Internal Revenue Code." Provided that certain factual assumptions are satisfied, the receipt of CF HoldingsTerra common stock pursuant to the offer or the second-step merger will not be a taxable transaction for U.S. federal income tax purposes, except to the extent of any cash received in lieu ofpurposes. Accordingly, a fractional share of CF Holdings common stock. It will be a condition to effecting the second-step merger that Skadden, Arps, Slate, Meagher & Flom, LLP, counsel to CF Holdings, render an opinion to the effect that the offer and the second-step merger qualify as a reorganization. If, contrary to expectations, the offer is completed but the second-step merger does not occur, aU.S. holder of Terra common stock who receives shares of CF Holdings common stock and cash in exchange for such stockholder's shares of Terra common stock pursuant to the offer will generally recognize a taxable gain or loss. It is not a conditionloss in an amount equal to the difference, if any, between the fair market value of the CF Holdings'Holdings common stock and Composite's obligation to exchangecash received and such stockholder's adjusted tax basis in the shares pursuant to this offer that Skadden, Arps, Slate, Meagher & Flom, LLP render a tax opinion.of Terra common stock exchanged therefor.

        For more information, please see the section of this prospectus/offer to exchange under the captionentitled "The Exchange Offer—Material Federal Income Tax Consequences.Consequences to U.S. Holders."

        CF Holdings and Composite urge you to contact your own tax advisor to determine the particular tax consequences to you as a result of exchanging Terra common stock pursuant to the offer and/or the second-step merger.

What are the conditions of the offer?

        The offer is conditioned upon, among other things, the following:

•

Merger Agreement Condition—Terra shall have entered into a definitive merger agreement with CF Holdings reasonably satisfactory to CF Holdings with respect to the second-step merger. Such merger agreement shall provide, among other things, that:



•

the board of directors of Terra has approved the offer and advised or approved the second-step merger and irrevocably exempted the offer and the second-step merger from the restrictions imposed by Subtitle 6 of Title 3, or the "Maryland Business Combination Act," of the Maryland General Corporation Law;



•

Terra agrees to exercise its right pursuant to its charter to require all holders of Terra's 4.25% Series A cumulative convertible perpetual preferred shares, or the "Terra preferred stock," to exchange such Terra preferred stock for convertible subordinated debentures of

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Terra and that, prior to the consummation of the second-step merger, no Terra preferred stock shall be outstanding; and

•

the board of directors of Terra has removed any other impediment to the consummation of the offer or the second-step merger.



•

Regulatory Condition—Any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, or the "HSR Act," and the Canadian Competition Act shall have expired or been terminated prior to the expiration of the offer and, if the offer is subject to pre-merger notification under the Canada Transportation Act, the transaction shall have been cleared by the Canadian Minister of Transport or the Governor in Council.



•

Minimum Tender Condition—Terra stockholders shall have validly tendered (other than by guaranteed delivery where actual delivery has not occurred) and not properly withdrawn prior to the expiration of the offer at least that number of shares of Terra common stock that when added to the shares of Terra common stock then owned by CF Holdings or any of its subsidiaries, shall constituteconstitutes a majority of the then-outstanding shares of Terra common stock on a fully-diluted basis.



•

Canadian Regulatory Condition—Any waiting period (including any extensions thereof) applicable to the offer and the second-step merger under the Canadian Competition Act or any no-close period (including any extensions thereof) applicable to the offer and the second-step merger under the Canada Transportation Act shall have expired or been terminated.



•

Registration Statement Condition—The registration statement of which this prospectus/offer to exchange is a part shall have becomebeen declared effective by the SEC under the Securities Act of 1933, or the "Securities Act," no stop order suspending the effectiveness of the registration statement shall have been issued by the SEC and no proceedings for that purpose shall have been initiated or threatened by the SEC, and CF Holdings shall have received all necessary state securities law or "blue sky" authorizations.



•

Stockholder Approval Condition—The stockholders of CF Holdings shall have approved the issuance of shares of CF Holdings common stock pursuant to the offer and the second-step merger as required under the rules of the NYSE.SEC.



•

NYSE Listing Condition—The shares of CF Holdings common stock to be issued pursuant to the offer and the second-step merger shall have been approved for listing on the NYSE.



•

Due Diligence Condition—CF Holdings shall have completedNYSE (subject to its reasonable satisfaction customary confirmatory due diligenceofficial notice of Terra's non-public information on Terra's business, assets and liabilities and shall have concluded, in its reasonable judgment, that there are no material adverse facts or developments concerning or affecting Terra's business, assets and liabilities that have not been publicly disclosed prior to the commencement of the offer.issuance).

        The merger agreement also contains other customary closing conditions to the offer is subjectand the second-step merger. Please see the sections of this prospectus/offer to a number of additional conditions referred to below in the sectionexchange entitled "The Exchange Offer—Conditions of the Offer.Offer" and "The Merger Agreement—Conditions to the Second-Step Merger."

How long will it take to complete your proposed transaction?

        The timing of completing the offer and the second-step merger will depend, among other things, on if and when Terra enters into a definitive merger agreement with us.

Do you intend to replace Terra's board of directors?

        CF Holdings submitted a notice letter to Terra on February 3, 2009, nominating three persons to be considered for election to the board of directors of Terra at Terra's 2009 annual meeting of stockholders, which CF Holdings expects, based on Terra's practice and Terra's bylaws, to be held between April 15, 2009 and May 15, 2009. We are proposing to nominate and elect these individuals because we believe that the current directors of Terra are not acting in what we believe to be your best interests with respect to our proposal for a business combination with Terra. Under the Maryland General Corporation Law, even if a significant number of Terra's stockholders support a business combination with us and tender shares into the offer, we will be unableexpect to complete the offer and thetransaction in April 2010.

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second-step merger unless the transaction is approved by Terra's board of directors. In an effort to obtain the approval of Terra's board of directors,        If we have repeatedly expressed a desire to enter into negotiations with Terra regarding a business combination. Terra's board of directors, however, has repeatedly rejected our proposal and has been unwilling to negotiate with us. We believe that the election of our nominees will demonstrate that Terra's stockholders support a combination with us and want Terra to enter into negotiations with us. Because the offer and second-step merger may only proceed with the approval of Terra's board of directors, the election of our nominees is also an important step toward a possible transaction because we anticipate that if our nominees are elected, they would seek to maximize stockholder value and, in reviewing the proposed business combination transaction, would act in the best interests of Terra in accordance with their duties as directors. If elected, our nominees could take steps to try to persuade Terra's other board members to support and facilitate the offer should the nominees, as new directors, deem it appropriate in the exercise of their duties to Terra. Terra's board of directors currently consists of eight directors, divided into three separate classes which are elected in staggered three year terms. Only one class of directors is elected per year. As a result, if CF Holdings' nominees are elected to Terra's board of directors, they will still not constitute a majority of Terra's board of directors. If necessary, CF Holdings presently intends to nominate additional persons to be considered for election to Terra's board of directorsacquire at Terra's 2010 annual meeting of stockholders and to ultimately replace a majorityleast 90% of the directors of Terra with its own nominees.

        In connection with the solicitation of proxies to vote in favor of the election of CF Holdings' nominees at Terra's 2009 annual meeting of stockholders, CF Holdings filed a preliminary proxy statement with the SEC and intends to file a definitive proxy statement. When completed, the definitive proxy statement of CF Holdings and accompanying proxy card will be mailed to stockholders of Terra. This offer does not constitute a solicitation of proxies in connection with such matter. Any such solicitation will be made only pursuant to separate proxy materials complying with the requirements of the rules and regulations of the SEC.

Do I need to grant a proxy to CF Holdings in connection with the proxy solicitations if I wish to accept the offer?

        No. Your ability to tender youroutstanding shares of Terra common stock in the offer is not conditioned on Terra stockholders granting proxies to CF Holdings in connection with its proxy solicitation discussed above. However, a tendering stockholder will irrevocably appoint designees of Composite as such stockholder's agents, attorneys-in-fact and proxies, effective as of and only to the extent that Composite accepts such tendered shares for exchange.

        You may validly tender your shares of Terra common stock in the offer, regardless of whether or how youotherwise, we intend to vote for our nominees to Terra's board. However, as of the date of the printing of this prospectus/offer to exchange, Terra's board of directors has not been willing to negotiate with us and there is no guarantee that its position will change in the future even if you vote for our nominees.

Do I have to vote to approve the offer or the second-step merger?

        No. Your vote is not required. You simply need to tender your shares if you choose to do so. However, the offer can only be completed if CF Holdings or Composite (or a wholly-owned subsidiary of CF Holdings), among other things, acquires a majority of Terra's outstanding common stock on a fully-diluted basis in the offer or otherwise.

        Both the board of directors of Terra and Terra stockholders will be required to approve the second-step merger, unless CF Holdings is able to consummate the second-step merger shortly after completion of the offer as a "short-form" merger pursuant to Section 3-106 of the Maryland General Corporation Law, in which casewithout a vote of Terra stockholders. Under Section 3-106 of the Maryland General Corporation Law, if Composite owns less than all of the outstanding stock of Terra stockholders will not be requiredas of immediately prior to approve the second-step merger. Any solicitationshort-form merger, Composite must have given at least 30 days prior notice of the short-form merger

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to each of Terra's stockholders who otherwise would have been entitled to vote on the merger.A Notice of Merger pursuant to Section 3-106 of the Maryland General Corporation Law was included in the prospectus/offer to exchange filed with the SEC on March 5, 2010. Pursuant to the rules of the SEC for third-party tender offers, Terra mailed such prospectus/offer to exchange and Notice of Merger to its stockholders on March 11, 2010. Accordingly, the 30 day notice period to stockholders required by Section 3-106 of the Maryland General Corporation Law will expire on April 10, 2010.

        In the event we do not acquire at least 90% of the outstanding shares of Terra common stock in the offer or otherwise, Terra stockholders will be required to approve the second-step merger. In such event, Terra will call and hold a meeting of Terra stockholders as promptly as reasonably practicable for the purpose of obtaining approval of the second-step merger by Terra stockholders. Any solicitation of proxies from Terra stockholders to approve the second-step merger will be made only pursuant to separate proxy materials complying with the requirements of the rules and regulations of the SEC. If a meeting of Terra stockholders is held to approve the second-step merger, CF Holdings has agreed pursuant to the merger agreement to vote all shares of Terra common stock owned by it or any of its subsidiaries (including shares acquired by Composite in the offer or otherwise) in favor of the second-step merger.

Is CF Holdings' financial condition relevant to my decision to tender shares of Terra common stock in the offer?

        Yes. CF Holdings' financial condition is relevant to your decision to tender your shares of Terra common stock because part of the consideration you will receive if your shares of Terra common stock acceptedare exchanged in the offer will be exchanged forconsist of shares of CF Holdings common stock. You should therefore consider CF Holdings' financial condition before you decide to become one of CF Holdings' stockholders through the offer. You also should consider the possible effect that CF Holdings' acquisition of Terra, including the related financing, will have on CF Holdings' financial condition. This prospectus/offer to exchange contains financial information regarding CF Holdings and Terra, as well as pro forma financial information (which does not reflect any of our expected synergies) for the proposed combination of CF Holdings and Terra, all of which we encourage you to review.

Does CF Holdings have the financial resources to complete the offer and the second-step merger?

        The offer is not subject to a financing condition.

        CF Holdings estimatesWe estimate that the total amount of cash required to complete the transactions contemplated by the offer and the second-step merger, including payment of any fees, expenses and other related amounts incurred in connection with the offer and the second-step merger and the refinancing of Terra's outstanding indebtedness, will be approximately $60.0 million.

        If the offer is consummated, Terra will be required to offer to repurchase its outstanding senior notes at a price equal to 101% of the notes' principal amount plus accrued and unpaid interest, if any, to the date of repurchase. Assuming all of Terra's senior notes are repurchased in such offer, the total amount of cash required will be approximately $333.3 million, plus accrued interest on the date of repayment. Additional amounts would be required in the event that CF Holdings determines to redeem Terra's outstanding senior notes in connection with a refinancing of those notes or otherwise, though CF Holdings has no present intention to do so.$4.8 billion.

        CF Holdings expectshas entered into a commitment letter, pursuant to have sufficient cashwhich Morgan Stanley Senior Funding, Inc. and The Bank of Tokyo-Mitsubishi UFJ, Ltd. committed to provide, subject to certain conditions, financing for CF Holdings' acquisition of Terra. The commitment letter provides for a senior secured term loan facility of up to $2.0 billion, a senior secured revolving credit facility of up to $300.0 million and a senior secured bridge facility of up to $1.75 billion. For additional details on handthe proposed financing, please see the section of this prospectus/offer to completeexchange entitled "The Exchange Offer—Source and Amount of Funds."

        CF Holdings anticipates that, following the transactions contemplated bycompletion of the exchange offer, and the second-step merger, including the repurchaseit will effect a public offering of Terra's outstanding senior notes, andshares of CF Holdings common stock in an amount equal to pay fees, expenses and other related amounts. In addition, we intend to evaluate financing options and believe we wouldapproximately $1.0 billion. There can be no assurance that CF Holdings will be able to secure sufficient fundsconsummate such public offering on terms acceptable to us or at all or that, if we determined that financingsuch offering is consummated, it will be for the cash requiredamount contemplated. For additional details, see the section of this prospectus/offer to complete the transactions was in the best financial interestsexchange entitled "The Exchange Offer-Source and Amount of CF Holdings and the combined company.Funds."

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Table of cash required is based on CF Holdings' due diligence review of Terra's publicly available information to date and is subject to change. For a further discussion of the risks relating to CF Holdings' limited due diligence review, see "Risk Factors—Risk Factors Relating to the Offer and the Second-Step Merger."Contents

What percentage of CF Holdings common stock will former holders of Terra common stock own after the offer?

        CF Holdings estimates that if all shares of Terra common stock are exchanged pursuant to the offer and the second-step merger, former Terra stockholders would own, in the aggregate, approximately 46%16% of the outstanding shares of CF Holdings common stock. If the proposed post-closing public offering of shares of CF Holdings common stock is completed, it is estimated that CF Holdings will issue approximately 10.3 million shares of CF Holdings common stock and former Terra stockholders would own, in the aggregate, approximately 14% of the outstanding shares of CF Holdings common stock. For a detailed discussion of the assumptions on which this estimate is based, please see the section of this prospectus/offer to exchange entitled "The Exchange Offer—Ownership of CF Holdings After the Offer."

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When does your offer expire? Can the offer be extended and, if so, under what circumstances?

        The offer is scheduled to expire at 5:12:00 p.m.,midnight, New York City time, on May 15, 2009,April 2, 2010, which is the initial expiration date, unless further extended by CF Holdings or Composite. When we make reference to "the expiration of the offer" anywhere in this prospectus/offer to exchange, this is the time to which we are referring, including, when applicable, any extension period that may apply. For more information, please see the section of this prospectus/offer to exchange entitled "The Exchange Offer—Extension, Termination and Amendment."

        CF Holdings orPursuant to the terms of the merger agreement, under certain circumstances, Composite may, in their sole discretion,must extend the offer at any time or from time to time until the expirationtermination of the offer.merger agreement in accordance with its terms. For instance, the offer maymust be extended, subject to certain exceptions, if any of the conditions specified in "The Exchange Offer—Conditions of the Offer" are not satisfied prior to the scheduled expiration date of the offer. CF Holdings

        In addition, under certain circumstances, Composite may extend the offer at any time or from time until the termination of the merger agreement. Composite may also elect to cause Composite to provide a "subsequent offering period" for the offer. A subsequent offering period would not be an extension of the offer. Rather, a subsequent offering period would be an additional period of time, beginning after CF Holdings, through Composite has accepted for exchange all shares tendered during the offer, during which stockholders who did not tender their shares in the offer may tender their shares and receive the same consideration provided in the offer. We do not currently intend to include a subsequent offering period, although we reserve the right to do so.

        The offer is conditioned upon, among other things, CF Holdings entering into a merger agreement with Terra, the approval by CF Holdings' stockholders of the issuance of CF Holdings common stock in the offer and the second-step merger and the expiration or termination of any applicable waiting period under the HSR Act. Additionally, we have not commenced the process of obtaining the approval of CF Holdings' stockholders by filing a preliminary proxy statement with the SEC, and therefore we may not be in a position to obtain the requisite approval of our stockholders prior to the current expiration date of the offer. Any decision to extend the offer, including for how long, will be made at such time. The expiration date may also be subject to multiple extensions.Any decision to extend the offer will be made public by an announcement regarding such extension as described under "The Exchange Offer—Extension, Termination and Amendment."

How do I tender my shares?

        To tender shares into the offer, you must deliver the certificates representing your shares, together with a completed letter of transmittal and any other documents required by the letter of transmittal, to BNY Mellon Shareowner Services, the exchange agent for the offer, not later than the time the offer expires. The letter of transmittal is enclosed with this prospectus/offer to exchange. If your shares are held in street name (i.e., through a broker, dealer, commercial bank, trust company or other nominee), your shares can be tendered by your nominee by book-entry transfer through The Depository Trust Company.

        If you previously tendered your shares into the offer, together with a completed BLUE letter of transmittal, you do not need to complete and submit the enclosed GREY letter of transmittal.

If you are unable to deliver any required document or instrument to the exchange agent by the expiration of the offer, you may have a limited amount of additional time by having a broker, a bank

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or other fiduciary that is an eligible guarantor institution guarantee that the missing items will be received by the exchange agent by using the enclosed notice of guaranteed delivery. For the tender to be valid, however, the exchange agent must receive the missing items within three NYSE trading days after the date of execution of such notice of guaranteed delivery. If you cannot deliver all necessary documents to the exchange agent in time, you may be able to complete and deliver to the exchange agent, in lieu of the missing documents, the enclosed notice of guaranteed delivery, provided you are able to comply fully with its terms. In all cases, an exchange of tendered shares will be made only after timely receipt by the exchange agent of certificates for such shares (or a confirmation of a book-entry transfer of such shares) and a properly completed and duly executed letter of transmittal and any other required documents for such shares.

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        For a complete discussion on the procedures for tendering your shares, please see the section of this prospectus/offer to exchange entitled "The Exchange Offer—Procedure for Tendering."

Until what time can I withdraw tendered shares?

        You may withdraw previously tendered shares at any time prior to the expiration of the offer and, thereafterunless Composite has accepted the shares for exchange pursuant to the offer, you may also withdraw suchany tendered shares at any time until CF Holdings causes Composite to accept such shares for exchange in the offer.after May 4, 2010. Shares of Terra common stock tendered during the subsequent offering period, if any, may not be withdrawn. For a complete discussion on the procedures for withdrawing your shares, please see the section of this prospectus/offer to exchange entitled "The Exchange Offer—Withdrawal Rights."

How do I withdraw previously tendered shares?

        To withdraw previously tendered shares, you must deliver a written or facsimile notice of withdrawal with the required information to the exchange agent while you still have the right to withdraw. If you tendered shares by giving instructions to a broker, dealer, commercial bank, trust company or other nominee, you must instruct the broker, dealer, commercial bank, trust company or other nominee to arrange for the withdrawal of your shares. For a complete discussion on the procedures for withdrawing your shares, please see the section of this prospectus/offer to exchange entitled "The Exchange Offer—Withdrawal Rights."

When and how will I receive the offer consideration in exchange for my tendered shares?

        Composite will exchange all validly tendered and not properly withdrawn shares promptly after the expiration date of the offer, subject to the terms thereof and the satisfaction or waiver of the conditions to the offer, as set forth in the section of this prospectus/offer to exchange entitled "The Exchange Offer—Conditions of the Offer." We will deliver the consideration for your validly tendered and not properly withdrawn shares of Terra common stock by depositing the cash and stock consideration therefor with the exchange agent, which will act as your agent for the purpose of receiving the offer consideration from us and transmitting such consideration to you. In all cases, an exchange of tendered shares of Terra common stock will be made only after timely receipt by the exchange agent of certificates for such shares (or a confirmation of a book-entry transfer of such shares as described in the section of this prospectus/offer to exchange entitled "The Exchange Offer—Procedure for Tendering") and a properly completed and duly executed letter of transmittal and any other required documents for such shares.

Are dissenters' rights available in either the offer or the second-step merger?

        No dissenters' or appraisal rights are available in connection with the offer. So long asNo dissenters' or appraisal rights are available in connection with the second-step merger, unless a vote of Terra's stockholders on the second-step merger is required under Maryland law and shares of Terra common

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stock remainare not listed on the NYSE or another national securities exchange on the record date for the determination of stockholders entitled to vote on the second-step merger (or, if CF Holdings causes the second-step merger to take place without stockholder approval, on the date notice of such transaction is given or waived under Section 3-106 of the Maryland General Corporation Law), Terra stockholders will also not have dissenters' or appraisal rights in connection with the second-step merger. If shares of Terra common stock are not listed on the NYSE or another national securities exchange at such time, Terra stockholders who (a) have not tendered their shares of Terra common stock in the offer, (b) if approval of the second-step merger by Terra stockholders has been obtained, did not vote in favor of the second-step merger and (c) complied with the procedures set forth in the Maryland General Corporation Law will have rights under Maryland law to demand and receive payment of the "fair value" of such stockholder's shares of Terra common stock, as determined by a Maryland court. Please see the section of this prospectus/offer to exchange entitled "The Exchange Offer—Appraisal/Dissenters' Rights."

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What is the market value of my shares of Terra common stock as of a recent date?

        On January 15, 2009,February 12, 2010, the last full trading day before CF Holdings made its offer for prior to the public announcement of the Yara/Terra public,merger agreement, the closing price of a share of Terra common stock was $16.29.$33.25. On April 13, 2009,March 1, 2010, the last trading day prior to the public announcement of our offer, the closing price of a share of Terra common stock was $41.20. On March 18, 2010, the last trading day prior to the date of this prospectus/offer to exchange, the closing price of a share of Terra common stock was $28.41.$45.88. Terra stockholders are encouraged to obtain a recent quotation for shares of Terra and CF Holdings common stock before deciding whether or not to tender your shares.

Where can I find more information on CF Holdings and Terra?

        You can find more information about CF Holdings and Terra from various sources described in the section of this prospectus/offer to exchange entitled "Where You Can Find More Information."

Whom can I talk to if I have questions about the offer?

        You can call the information agent or the dealer managers for the offer.

The information agent for the offer is:

501 Madison Avenue, 20^th Floor
New York, New York 10022
Stockholders May Call Toll Free: 877-456-3507
Banks and Brokers May Call Collect: 212-750-5833

The dealer managers for the offer are:

Morgan Stanley & Co. Incorporated 1585 Broadway New York, New York 10036 Toll Free: 888-840-4015		Rothschild Inc. 1251 Avenue of the Americas New York, New York 10020 Toll Free: 800-753-5151

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NOTE ON TERRA INFORMATION

        All information concerning Terra, its business, management and operations presented or incorporated by reference in this prospectus/offer to exchange is taken from publicly available information (primarily filings by Terra with the SEC). This information may be examined and copies may be obtained at the places and in the manner set forth in the section entitled "Where You Can Find More Information." CF Holdings is not affiliated with Terra, and Terra has not permitted CF Holdings to have access to its books and records. Therefore, non-public information concerning Terra was not available to CF Holdings for the purpose of preparing this prospectus/offer to exchange. Although CF Holdings has no knowledge that would indicate that statements relating to Terra contained or incorporated by reference in this prospectus/offer to exchange are inaccurate or incomplete, CF Holdings was not involved in the preparation of those statements and cannot verify them.

        Pursuant to Rule 409 under the Securities Act and Rule 12b-21 under the Exchange Act, CF Holdings requested that Terra provide CF Holdings with information required for complete disclosure regarding the businesses, operations, financial condition and management of Terra. As of the date of this prospectus/offer to exchange, CF Holdings has not received a response from Terra with respect to such request. CF Holdings and Composite will amend or supplement this prospectus/offer to exchange to provide any and all information CF Holdings receives from Terra, if CF Holdings receives the information before CF Holdings' and Composite's offer to exchange expires and CF Holdings considers it to be material, reliable and appropriate.

        An auditor's report was issued on Terra's financial statements and included in Terra's filings with the SEC. Pursuant to Rule 439 under the Securities Act, CF Holdings and Composite require the consent of Terra's independent auditors to incorporate by reference their audit reports included in Terra's Annual Report on Form 10-K for the year ended December 31, 2008 into this prospectus/offer to exchange. CF Holdings requested and has, as of the date hereof, not received such consent from Terra's independent auditors. If CF Holdings receives this consent, CF Holdings and Composite will promptly file it as an exhibit to CF Holdings' registration statement of which this prospectus/offer to exchange forms a part.

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SUMMARY OF THE OFFER

        This summary highlights selected information from this prospectus/offer to exchange and may not contain all of the information that is important to you. To obtain a better understanding of the offer to holders of shares of Terra common stock, you should read this entire prospectus/offer to exchange carefully, as well as those additional documents to which we refer you. You may obtain the information incorporated by reference into this prospectus/offer to exchange by following the instructions in the section of this prospectus/offer to exchange entitled "Where You Can Find More Information."

The Companies (See page 25)

CF Holdings

        CF Holdings is a Delaware corporation with principal executive offices at 4 Parkway North, Suite 400, Deerfield, Illinois 60015. The telephone number of CF Holdings' executive offices is (847) 405-2400 and our Internet website address iswww.cfindustries.com. CF Holdings is one of the largest manufacturers and distributors of nitrogen and phosphate fertilizer products in North America. Our operations are organized into two business segments: the nitrogen segment and the phosphate segment. Our principal products in the nitrogen segment are ammonia, urea and urea ammonium nitrate solution. Our principal products in the phosphate segment are diammonium phosphate, monoammonium phosphate and potash.

Composite

        Composite was incorporated as a Maryland corporation on February 9, 2009. Composite's principal executive offices are located at 4 Parkway North, Suite 400, Deerfield, Illinois 60015, and its telephone number is (847) 405-2400. Composite is a directan indirect wholly-owned subsidiary of CF Holdings that was formed for the sole purpose of acquiring the outstanding shares of Terra common stock and consummating a subsequent merger of Composite with and into Terra. Composite has engaged in no business activities to date and it has no material assets or liabilities of any kind, other than those incident to its formation and those incurred in connection with the offer and the second-step merger.

Terra

        Terra is a Maryland corporation with principal executive offices at Terra Centre, 600 Fourth Street, P.O. Box 6000, Sioux City, Iowa 51102. The telephone number of Terra's executive offices is (712) 277-1340 and Terra's Internet website address iswww.terraindustries.com. Terra is one of the largest North American producers of anhydrous ammonia (or ammonia), the basic building block of nitrogen fertilizers. Terra converts a significant portion of the ammonia it produces into urea ammonium nitrate solutions, ammonium nitrate and urea. Terra also converts ammonia to nitric acid and dinitrogen tetroxide for use in industrial applications.

The Offer (See page 40)60)

        CF Holdings, through        Composite is offering to exchange each outstanding share of Terra common stock that is validly tendered and not properly withdrawn prior to the expiration date for 0.4235(i) $37.15 in cash, less any applicable withholding taxes and without interest, and (ii) 0.0953 shares of CF Holdings common stock (together with the associated preferred stock purchase rights), upon the terms and subject to the conditions contained in this prospectus/offer to exchange and the accompanying letter of transmittal. CF Holdings will not issue certificates representing fractional shares of CF Holdings common stock pursuant to the offer. Instead, each tendering stockholder who would otherwise be entitled to a fractional share of CF Holdings common stock will receive cash in an amount equal to the product obtained by multiplying (i) the fractional share interest to which such fraction (expressed as a decimal andholder would otherwise be entitled by (ii) the average closing sales price, rounded to the nearest 0.01four decimal points, of a share) multiplied by the closing priceshares of the CF Holdings common stock on the expiration date.Holding

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common stock on the NYSE for the period of the 10 consecutive trading days ending on the second full trading day prior to the expiration date.

Reasons for the Offer (See page 39)47)

        CF Holdings believes that the combination of CF Holdings' and Terra's businesses will create significant value for both CF Holdings' and Terra's current stockholders. The CF Holdings common stock to be issued to Terra stockholders in the offer will allow such stockholders to participate in the growth and opportunities of the combined company. We believe the combination of CF Holdings and Terra is a compelling combination with a number of strategic benefits, including the following:

•

Global Leader in Nitrogen Fertilizers—The combined company will be a leading global producer of nitrogen fertilizers, as measured by capacity, among publicly traded companies. The combined company will be a stronger, more competitive player in the global nitrogen fertilizer industry.



•

Synergies—We expect the transaction to generate $105 - $135 million in annual cost synergies by combining overlapping corporate functions and optimizing transportation and distribution systems, and through greater economies of scale in procurement and purchasing. The details of the expected annual cost synergies are as follows:

We expect the combined company to realize these synergies within two years after the closing of the offer and the second-step merger. We also expect the combined company to benefit from a one-time $30 million-to-$60 million release of cash due to inventory reduction. We believe that realization of these synergies combined with improved financial strength will enhance the combined company's ability to safeguard operating jobs.

•

Improved Financial StrengthEnhanced Capital Markets Presence—The combined company would have had 20082009 revenues of $6.8$4.2 billion and will emerge with a stronger balance sheet, featuring a substantial cash balance and relatively little indebtedness.be the largest publicly traded nitrogen fertilizer company in the United States. The combined company will have increased trading liquidity on the NYSE and improved access to the capital markets. We believe these factors will provide the combined company with an enhanced capital markets presence and greater long-term financial stability and access to financial resources and flexibility to pursue future growth opportunities and an enhanced ability to weather difficult industry and capital market conditions than either CF Holdings or Terra would have alone.



•

Attractive Diversification—The combined company and its stockholders will benefit from increased diversification in plant and distribution facility locations, product mix, and end use customer segments and increased exposure to the global market. CF Holdings provides access to an extensive in-market distribution network, one of the largest integrated ammonium phosphate complexes in the U.S. (with approximately 1413 years of fully-permitted recoverable phosphate reserves remaining at current operating rates), an ammonia/urea complex under development in Peru, and the ability to import or export products efficiently through our 50% interest in Keytrade. Terra provides participation in an ammonia complex in Trinidad, a joint venture in the U.K. and a greater number of production facilities in North America. Additionally, Terra provides a position in ammonium nitrate and an increased position in serving industrial/environmental customers.



•

Complementary Businesses—CF Holdings' and Terra's complementary footprints will give the combined company increased geographic reach in the U.S. In addition, CF Holdings' and Terra's complementary businesses and locations will allow the combined company to improve efficiency in manufacturing and distribution and enhance customer service.

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•

Value Creation Potential for All Stockholders—The all-stock naturecash consideration included as part of the offer consideration provides Terra stockholders an opportunity to achieve liquidity and certainty of value. The stock consideration included as part of the offer will allow stockholders of both Terra and CF Holdings to participate ratably in the growth and long-term value creation potential of the combined company, including the significant expected synergies. The nominal price to be paid in the offer (based on CF Holdings' closing stock price on March 11, 2010) represents a 40.6% premium of 34% based onover the 30-day volume weighted average prices for sharesclosing price of CF Holdings and Terra common stock on February 12, 2010, the last trading day prior to the announcement of the Yara/Terra merger agreement and a 13.4% premium over the closing price of Terra common stock on March 1, 2010, the last trading date prior to the public announcement of CF Holdings' proposal to acquire Terra, and a 29% premium based on the 10-day volume weighted average.offer. We expect the transaction, giving effect to the realization of synergies, to be accretive to CF Holdings stockholders in the second year following the closing of the offer and the second-step merger.

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Financing of the Offer; Source and Amount of Funds (See page 61)76)

        The offer is not subject to a financing condition.

        CF Holdings estimatesWe estimate that the total amount of cash required to complete the transactions contemplated by the offer and the second-step merger, including payment of any fees, expenses and other related amounts incurred in connection with the offer and the second-step merger and the refinancing of Terra's outstanding indebtedness, will be approximately $60.0 million.

        If the offer is consummated, Terra will be required to offer to repurchase its outstanding senior notes at a price equal to 101% of the notes' principal amount plus accrued and unpaid interest, if any, to the date of repurchase. Assuming all of Terra's senior notes are repurchased in such offer, the total amount of cash required will be approximately $333.3 million, plus accrued interest on the date of repayment. Additional amounts would be required in the event that CF Holdings determines to redeem Terra's outstanding senior notes in connection with a refinancing of those notes or otherwise, though CF Holdings has no present intention to do so.$4.8 billion.

        CF Holdings expectshas entered into a commitment letter, pursuant to have sufficient cashwhich Morgan Stanley Senior Funding, Inc. and The Bank of Tokyo-Mitsubishi UFJ, Ltd. committed to provide, subject to certain conditions, financing for CF Holdings' acquisition of Terra. The commitment letter provides for a senior secured term loan facility of up to $2.0 billion, a senior secured revolving credit facility of up to $300.0 million and a senior secured bridge facility of up to $1.75 billion. For additional details on handthe proposed financing, please see the section of this prospectus/offer to completeexchange entitled "The Exchange Offer—Source and Amount of Funds."

        CF Holdings anticipates that, following the transactions contemplated bycompletion of the exchange offer, and the second-step merger, including the repurchaseit will effect a public offering of Terra's outstanding senior notes, andshares of CF Holdings common stock in an amount equal to pay fees, expenses and other related amounts. In addition, we intend to evaluate financing options and believe we wouldapproximately $1.0 billion. There can be no assurance that CF Holdings will be able to secure sufficient fundsconsummate such public offering on terms acceptable to us or at all or that, if we determined that financingsuch offering is consummated, it will be for the cash required to complete the transactions was in the best financial interests of CF Holdings and the combined company.

        The estimated amount of cash required is based on CF Holdings' due diligence review of Terra's publicly available information to date and is subject to change. For a further discussion of the risks relating to CF Holdings' limited due diligence review, see "Risk Factors—Risk Factors Relating to the Offer and the Second-Step Merger."contemplated.

Ownership of the Combined Company After the Offer (See page 48)69)

        Based on certain assumptions regarding the number of Terra shares to be exchanged, CF Holdings estimates that, if all shares of Terra common stock are exchanged pursuant to the offer and the second-step merger, former Terra stockholders would own, in the aggregate, approximately 46%16% of the outstanding shares of CF Holdings common stock. If the proposed post-closing public offering of shares of CF Holdings common stock is completed, it is estimated that CF Holdings will issue approximately 10.3 million shares of CF Holdings common stock and former Terra stockholders would own, in the aggregate, approximately 14% of the outstanding shares of CF Holdings common stock. For a detailed discussion of the assumptions on which this estimate is based, please see the section of this prospectus/offer to exchange entitled "The Exchange Offer—Ownership of CF Holdings After the Offer."

Comparative Market Prices and ShareDividend Information (See page 17)19)

        CF Holdings common stock is listed on the NYSE under the symbol "CF." Terra common stock is listed on the NYSE under the symbol "TRA." The following table sets forth the closing prices of CF Holdings and Terra as reported on Thursday, January 15, 2009,March 1, 2010, the last trading day prior to the public announcement of trading before CF Holdings publicly announced theour offer and April 13, 2009,on March 18, 2010, the last trading day prior to the date of this prospectus/offer to exchange. The table also shows the implied value of one share of Terra common

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stock in the offer, which was calculated by (i) multiplying the closing price for one share of CF Holdings common stock by the exchange ratio of 0.4235.0.0953 and (ii) adding the cash consideration per share of $37.15, less any applicable withholding taxes and without interest.

        Based on the closingThe nominal price of CF Holdings common stock as of January 15, 2009,to be paid in the offer represented a 22.8% premium over $16.29, the closing price of Terra(based on January 15, 2009. The offer

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also represented a premium of 34% based on the volume weighted average prices for CF Holdings and Terra common stock in the 30 days prior to the public announcement of CF Holdings' proposal to acquire Terra, andclosing stock price on March 11, 2010) represents a 29%40.6% premium based on the 10-day volume weighted average prior to the public announcement.

        In addition, the exchange ratio of 0.4235 shares of CF Holdings common stock for each share of Terra common stock is at a significant premium to the average share exchange ratio (determined by dividingover the closing price of Terra common stock byon February 12, 2010, the last trading day prior to the announcement of the Yara/Terra merger agreement and a 13.4% premium over $41.20, the closing price of CF HoldingsTerra common stock) of 0.3371 basedstock on March 1, 2010, the daily closing share prices for the two companies during the twelve monthslast trading day prior to CF Holdings'the public announcement of its proposal to acquire Terra on January 15, 2009.our offer.

        The value of the offer will change as the market prices of CF Holdings common stock and Terra common stock fluctuate during the offer period and thereafter, and may therefore be different from the prices set forth above at the expiration of the offer period and at the time you receive your shares of CF Holdings common stock. Please see the section of this prospectus/offer to exchange entitled "Risk Factors." Stockholders are encouraged to obtain current market quotations for shares of Terra and CF Holdings common stock prior to making any decision with respect to the offer.

Interest of Executive Officers and Directors of CF Holdings in the Offer (See page 66)85)

        Except as set forth in this prospectus/offer to exchange, neither we nor, after due inquiry and to the best of our knowledge and belief, any of our directors, executive officers or other affiliates has any contract, arrangement, understanding or relationship with any other person with respect to any securities of Terra. We do not believe that the offer and the second-step merger will be deemed to be a change in control impacting grants under any of our long-term incentive or stock option plans or a change in control under any change in control agreement between CF Holdings and any of its employees.

Interest of Executive Officers and Directors of Terra in the Offer (See page 84)

        In considering the recommendation of the Terra board of directors regarding the offer and the second-step merger, Terra stockholders should be aware that the directors and officers of Terra have interests in the offer and the second-step merger that may differ from those of other stockholders of Terra. The Terra board of directors was aware of these interests and considered them, among other matters, in approving the merger agreement, the offer and the second-step merger and recommending that Terra stockholders accept the offer by tendering their Terra common stock into the offer and, if required by applicable law, approving the second-step merger.

        As a result of these interests, Terra directors and officers may have reasons for tendering their shares of Terra common stock and, if necessary, voting to approve the second-step merger that are not the same as your interests. Terra stockholders should consider whether these interests may have influenced these directors and officers to support or recommend the offer and the second-step merger.

Information on the interests of executive officers and directors of Terra in the offer and the second-step merger is more fully described in Terra's Solicitation/Recommendation Statement on Schedule 14D-9, which is being mailed to Terra stockholders together with this prospectus/offer to exchange and is incorporated herein by reference.

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Appraisal/Dissenter'sDissenters' Rights (See page 52)72)

        No dissenters' or appraisal rights are available in connection with the offer. So long asNo dissenters' or appraisal rights are available in connection with the second-step merger, unless a vote of Terra's stockholders on the second-step merger is required under Maryland law and shares of Terra common stock remainare not listed on the NYSE or another national securities exchange on the record date for the determination of stockholders entitled to vote on the second-step merger (or, if CF Holdings causes the second-step merger to take place without stockholder approval, on the date notice of such transaction is given or waived under Section 3-106 of the Maryland General Corporation Law), Terra stockholders will also not have dissenters' or appraisal rights in connection with the second-step merger. If shares of Terra common stock are not listed on the NYSE or another national securities exchange at such time, Terra stockholders who (a) have not tendered their shares of Terra common stock in the offer, (b) if approval of the second-step merger by Terra stockholders has been obtained, did not vote in favor of the second-step merger and (c) complied with the procedures set forth in the Maryland General Corporation Law will have rights under Maryland law to demand and receive payment of the "fair value" of such stockholder's shares of Terra common stock, as determined by a Maryland court.

Material Federal Income Tax Consequences to U.S. Holders (See page 49)70)

        The offer and the second-step merger are intended to qualify as component partsexchange of an integrated transaction that qualifies as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code. Provided that certain factual assumptions are satisfied, the receipt of CF HoldingsTerra common stock pursuant to the offer or the second-step merger will not be a taxable transaction for U.S. federal income tax purposes, except to the extent of any cash received in lieu ofpurposes. Accordingly, a fractional share of CF Holdings common stock. It will be a condition to effecting the second-step merger that Skadden, Arps, Slate, Meagher & Flom, LLP, counsel to CF Holdings, render an opinion to the effect that the offer and the second-step merger qualify as a reorganization. If, contrary to expectations, the offer is completed but the second-step merger does not occur, aU.S. holder of Terra common stock who receives

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shares of CF Holdings common stock and cash in exchange for such stockholder's shares of Terra common stock pursuant to the offer will generally recognize a taxable gain or loss. It is not a conditionloss in an amount equal to the difference, if any, between the fair market value of the CF Holdings'Holdings common stock and Composite's obligationcash received and such stockholder's adjusted tax basis in the shares of Terra common stock exchanged therefor.

        For more information, please see the section of this prospectus/offer to exchange shares pursuantentitled "The Exchange Offer—Material Federal Income Tax Consequences to this offer that Skadden, Arps, Slate, Meagher & Flom, LLP render a tax opinion.U.S. Holders."

        THIS PROSPECTUS/OFFER TO EXCHANGE CONTAINS A GENERAL DESCRIPTION OF THE MATERIAL FEDERAL INCOME TAX CONSEQUENCES OF THE OFFER AND THE SECOND-STEP MERGER.MERGER TO U.S. RESIDENT TAXPAYERS. THIS DESCRIPTION DOES NOT ADDRESS ANY NON-U.S. TAX CONSEQUENCES, NOR DOES IT PERTAIN TO STATE, LOCAL OR OTHER TAX CONSEQUENCES. CONSEQUENTLY, CF HOLDINGS AND COMPOSITE URGE YOU TO CONTACT YOUR OWN TAX ADVISOR TO DETERMINE THE PARTICULAR TAX CONSEQUENCES TO YOU OF EXCHANGING TERRA COMMON STOCK PURSUANT TO THE OFFER.OFFER AND/OR THE SECOND-STEP MERGER.

Accounting Treatment (See page 68)87)

        CF Holdings will account for the acquisition of shares of Terra common stock under the acquisition method of accounting for business combinations. In determining the acquirer for accounting purposes, CF Holdings considered the factors required under Statement of FinancialFASB Accounting Standards (revised)Codification (ASC), Business Combinations, which is referred to as SFAS 141(R),ASC 805, and determined that CF Holdings will be considered the acquirer of Terra for accounting purposes.

Regulatory Approval and Status (See page 62)81)

Antitrust ClearanceCompliance

        The offer is subject to review by the Federal Trade Commission (which we refer to in this prospectus/offer to exchange as the "FTC") and the Antitrust Division of the U.S. Department of Justice (the "Antitrust Division"). Under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, or the ``HSR Act," the offer may not be completed until certain information has been provided to the FTC and the Antitrust Division and a required waiting period has expired or has been terminated.

The HSR Act notifications made in connection with CF Holdings filed the required notification and report form with respectHoldings' prior exchange offer for Terra remain applicable to the offer withoffer. On August 5, 2009, the Antitrust Division and the FTC on February 18, 2009. On March 19, 2009, CF Holdings voluntarily withdrew its notification and report form and re-filed with the Antitrust Division and the FTC on March 23, 2009. The applicableextended waiting period under the HSR Act for the consummation of the offer will expire at 11:59 p.m., New York City time,expired without any enforcement action and on April 22,August 12, 2009, the thirtieth day after CF Holdings re-filed the required notification and report form, unless earlier terminated. However, prior to such time, the FTC or the Antitrust Division may extend the waiting period by requesting additional information and documentary material relevant to the offer from CF Holdings. In the event of such a request, the waiting period would be extended until 11:59 p.m., New York City time, on the thirtieth day afterprovided us with written notice that it had closed its investigation. CF Holdings has made a proper response to that request as specified byfulfilled its obligations under the HSR Act and may consummate the implementing rules.offer without any additional filing under the HSR Act provided that the offer closes on or before August 5, 2010.

        At any time before or after the offer is completed, either the Antitrust Division or the FTC could take action under the antitrust laws in opposition to the offer, including seeking to enjoin the offer or

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seeking divestiture of substantial assets of CF Holdings or Terra or their subsidiaries. Private parties and/or state attorneys general also may seek to take legal action under the antitrust laws under some circumstances. CF Holdings can give no assurance that a challenge to the offer on antitrust grounds will not be made, or, if such a challenge is made, that CF Holdings will prevail.

        The offer is also subject to review pursuant to the Canadian Competition Act. Under the Canadian Competition Act, the offer may not be completed until certain information has been provided to the Canadian Commissioner of Competition, or the "Competition Commissioner," by both CF Holdings and Terra, and a required waiting period has expired or been terminated.terminated, provided there is no order in effect prohibiting completion at the relevant time. In connection with CF Holdings andprior exchange offer for Terra, CF Holdings provided such information to the Competition Commissioner and the required waiting period under the Canadian Competition Act expired on March 24, 2009. On June 19, 2009, the Competition Commissioner issued a no-action letter stating she did not intend to challenge the proposed transaction. Under the Canadian Competition Act, the transaction may be completed within one year of the date that CF Holdings provided the required information to the Competition Commissioner in connection with its prior exchange offer to Terra's stockholders (March 10, 2009). This one-year period expired on March 9, 2010 and in order to ensure compliance with the Competition Act, CF Holdings submitted its notification and a request for early termination of the mandatory waiting period concerning the offer on March 2, 2010. The waiting period will expire on April 1, 2010, unless earlier terminated by the Competition Commissioner or extended pursuant to a request for additional information (a "Supplementary Information Request").

        The waiting period under the Canadian Competition Act is 30 calendar days after the day on which CF Holdings submits the prescribed information, provided that, before the expiry of this period, the Competition Commissioner has not issued a Supplementary Information Request. In the event that the Competition Commissioner issues a Supplementary Information Request, the transaction cannot be completed until 30 calendar days after CF Holdings complies with such Supplementary Information Request, provided that there is no order in effect prohibiting completion at the relevant time. A transaction may be completed before the end of the applicable waiting period if the Competition Commissioner notifies the parties that she does not, at such time, intend to challenge the transaction.

        At any time before a "merger" (as such term is defined under the Canadian Competition Act) is completed, even where the applicable waiting period has expired or been terminated, the Competition Commissioner may apply to the Competition Tribunal for an interim order forbidding any person named in the application from doing any act or thing where it appears to the Competition Tribunal that such act or thing may constitute or be directed toward the completion or implementation of a proposed merger. The Competition Tribunal may issue such an interim order where the Competition Commissioner requires more time to complete her inquiry and the Tribunal finds that, in the absence of an interim order, a party to the proposed merger or another person is likely to take an action that would substantially impair the ability of the Competition Tribunal to remedy the effect of the proposed merger on competition because that action would be difficult to reverse.

Other Regulatory Approvals

        CF Holdings filed aThe offer may be subject to notification under the Canada Transportation Act. Under the Canada Transportation Act, if the offer is subject to notification, it cannot be completed until certain information has been provided to the Canadian Minister of Transport, or the "Transport Minister," pursuantand either the Transport Minister notifies the parties that he is of the opinion that the offer does not raise issues with respect to the public interest or the transaction is approved by the Governor in Council. Under the Canada Transportation Act, in connection with the offer on March 10, 2009. In a letter dated April 7, 2009,if the Transport Minister notified CF Holdingsis of the opinion that thea proposed transaction does

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not raise issues with respect to the public interest as it relates to national transportation. Therefore,transportation, he shall give notice to the parties within 42 days of receiving the required information.

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If the Transport Minister is of the opinion that a proposed transaction raises issues with respect to the public interest as it relates to national transportation, he can initiate a review of the transaction.

        In order to ensure compliance with the Canada Transportation Act, in connection with CF Holdings' prior exchange offer for Terra, CF Holdings provided the required information to the Transport Minister. The Transport Minister notified CF Holdings on April 7, 2009 that the proposed transaction did not raise public interest issues as it relates to national transportation. In order to ensure continued compliance with the Canada Transportation Act, CF Holdings submitted an updated notification to the Transport Minister on March 2, 2010. The initial 42-day period under the Canada Transportation Act thus expires on April 13, 2010, unless the Transport Minister issues an opinion before that date that the offer does not needraise public interest issues as it relates to obtain approval of the Governor in Council, which is the cabinet of the Canadian federal government, in order to complete the offer.

        The offer and the second-step merger may also be subject to review by antitrust authorities in jurisdictions outside the U.S and Canada. CF Holdings intends to identify such jurisdictions as soon as practicable and to file as soon as possible thereafter all notifications necessary or advisable (at CF Holdings' sole discretion) under the competition laws of the respective identified jurisdictions for the consummation of the offer and/or the second-step merger and to file all necessary or advisable (at CF Holdings' sole discretion) post-completion notifications as soon as possible after completion has taken place.national transportation.

Listing of CF Holdings Common Stock to be Issued Pursuant to the Offer and the Second-Step Merger (See page 54)73)

        CF Holdings will submit the necessary applications to cause the shares of its common stock to be issued in the offer and the second-step merger to be approved for listing on the NYSE. Approval of this listing is a condition to the offer.

Conditions of the Offer (See page 55)74)

        The offer is conditioned upon, among other things, the following:

•

Merger Agreement Condition—Terra shall have entered into a definitive merger agreement with CF Holdings reasonably satisfactory to CF Holdings with respect to the second-step merger. Such merger agreement shall provide, among other things, that:



•

the board of directors of Terra has approved the offer and advised or approved the second-step merger and irrevocably exempted the offer and the second-step merger from the restrictions imposed by the Maryland Business Combination Act;



•

Terra agrees to exercise its right pursuant to its charter to require all holders of Terra preferred stock to exchange such Terra preferred stock for convertible subordinated debentures of Terra and that, prior to the consummation of the second-step merger, no Terra preferred stock shall be outstanding; and



•

the board of directors of Terra has removed any other impediment to the consummation of the offer or the second-step merger.



•

Regulatory Condition—Any applicable waiting period under the HSR Act and the Canadian Competition Act shall have expired or been terminated prior to the expiration of the offer and, if the offer is subject to pre-merger notification under the Canada Transportation Act, the transaction shall have been cleared by the Transport Minister or the Governor in Council.



•

Minimum Tender Condition—Terra stockholders shall have validly tendered (other than by guaranteed delivery where actual delivery has not occurred) and not properly withdrawn prior to the expiration of the offer at least that number of shares of Terra common stock that when added to the shares of Terra common stock then owned by CF Holdings or any of its subsidiaries, shall constituteconstitutes a majority of the then-outstanding shares of Terra common stock on a fully-diluted basis.



•

Canadian Regulatory Condition—Any waiting period (including any extensions thereof) applicable to the offer and the second-step merger under the Canadian Competition Act or any no-close period (including any extensions thereof) applicable to the offer and the second-step merger under the Canada Transportation Act shall have expired or been terminated.



•

Registration Statement Condition—The registration statement of which this prospectus/offer to exchange is a part shall have becomebeen declared effective by the SEC under the Securities Act, no stop order suspending the effectiveness of the registration statement shall have been issued by the SEC and no proceedings for that purpose shall have been initiated or threatened by the SEC, and CF Holdings shall have received all necessary state securities law or "blue sky" authorizations.

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•

Stockholder Approval Condition—The stockholders of CF Holdings shall have approved the issuance of shares of CF Holdings common stock pursuant to the offer and the second-step merger as required under the rules of the NYSE.SEC.



•

NYSE Listing Condition—The shares of CF Holdings common stock to be issued pursuant to the offer and the second-step merger shall have been approved for listing on the NYSE.NYSE (subject to official notice of issuance).

        Further, Composite is not required to accept for payment any validly tendered shares of Terra common stock pursuant to the offer if any of the following conditions or events exists:

•

any law or court order prohibits the completion of the offer or the second-step merger;



•

Due Diligence Condition—CF Holdings shall have completedTerra having breached any representation or warranty in the merger agreement in a manner that generally has or is reasonably expected to its reasonable satisfaction customary confirmatory due diligence of Terra's non-public information on Terra's business, assets and liabilities and shall have concluded,result in, its reasonable judgment, that there are noindividually or in the aggregate, a material adverse factseffect on Terra;



•

Terra not having complied with its covenants and obligations in the merger agreement in all material respects;

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•

Terra not having converted all of its outstanding shares of Series A Preferred Stock or developments concerningif any shares of Series A Preferred Stock are outstanding; or affecting Terra's business, assets and liabilities that have not



•

the merger agreement having been publicly disclosed prior to the commencement of the offer.terminated in accordance with its terms (the "Termination Condition").

Comparison of Stockholders' Rights (See page 71)90)

        You will receive CF Holdings common stock as part of the offer consideration if you tender your shares of Terra common stock in the offer. As CF Holdings is incorporated under Delaware law and Terra is incorporated under Maryland law, there are a number of differences between the rights of a stockholder of Terra and the rights of a stockholder of CF Holdings.

Expiration Date of the Offer (See page 41)62)

        The offer is scheduled to expire at 5:12:00 p.m.,midnight, New York City time, on May 15, 2009,April 2, 2010, which is the initial expiration date, unless further extended by CF Holdings or Composite.

Extension, Termination and Amendment (See page 41)62)

        CF HoldingsThe merger agreement sets forth certain limitations on Composite's right to extend the expiration date of the offer, amend the terms of the offer, terminate the offer and waive certain conditions to the offer. Under the terms of the merger agreement, Composite each reserveis also required to extend the expiration date of the offer in certain circumstances. Subject to the terms of the merger agreement, Composite reserves the right in its sole discretion, at any time or from time to time until the expiration of the offer:

•

to extend for any reason, the period of time during which the offer is open;



•

to delay acceptance for exchange of, or exchange of, any shares of Terra common stock in order to comply in whole or in part with applicable law;



•

to amend or terminate (to the extent permitted by the merger agreement) the offer without accepting for exchange, or exchanging, any shares of Terra common stock, if any of the individually subheaded conditions referred to in the section of this prospectus/offer to exchange entitled "The Exchange Offer—Conditions of the Offer" have not been satisfied or if any event specified in the section of this prospectus/offer to exchange captioned "The Exchange Offer—Conditions of the Offer—Other Conditions" has occurred; and



•

to waive any conditions to the offer or otherwise amend the offer in any respect;(to the extent permitted by the merger agreement);

in each case, by giving oral or written notice of such delay, termination, waiver or amendment to the exchange agent and by making public announcement thereof.

        In addition, even if
No Solicitation of Takeover Proposals (See page 55).

        Pursuant to the merger agreement, Terra has agreed, subject to limited exceptions, that neither Terra nor any of its subsidiaries nor any of their respective representatives will initiate or knowingly encourage the making of any Takeover Proposal (as defined below) or otherwise participate in any discussions regarding, or furnish any information with respect to, or otherwise knowingly take any other action to facilitate any Takeover Proposal.

        However, at any time prior to the consummation of the offer, under certain limited circumstances, the Terra board of directors may: (i) effect a Change in Company Recommendation (as defined below); and (ii) in response to a Superior Proposal (as defined below), cause Terra to terminate the merger

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agreement and concurrently with such termination, upon payment of the Termination Fee and the Reimbursement Fee, enter into a definitive agreement with respect to such Superior Proposal.

        Notwithstanding the foregoing, Terra will not be entitled to exercise its right to effect a Change in Company Recommendation or its right to terminate the merger agreement unless: (i) the Terra board of directors has first provided prior written notice to CF Holdings through Composite, has acceptedadvising CF Holdings that the Terra board of directors intends to effect a Change in Company Recommendation (describing the events, facts and circumstances giving rise to such proposed action) or terminate the merger agreement in response to a Superior Proposal; and (ii) CF Holdings does not make, within 5 business days after receipt of such notice, a proposal that would cause such events, facts and circumstances to no longer form the basis for exchange, but not exchanged, sharesthe Terra board of directors to effect a Change in Company Recommendation or be at least as favorable to the stockholders of Terra as such Superior Proposal, as the case may be.

Termination of the Merger Agreement (See page 57).

        The merger agreement provides that it may be terminated at any time prior to the effective time of the second-step merger under a number of different scenarios, including:

•

by mutual written consent of CF Holdings and Terra;



•

by either CF Holdings or Terra, if:



•

the offer it may terminateis not consummated by July 31, 2010;



•

any law or court order prohibits the completion of the offer and not exchangeor the second-step merger; or



•

the offer has expired or been terminated without any shares of Terra common stock that were previously tendered if completionbeing purchased as a result of the offer is illegal or if a governmental authority has commenced or threatened legal action relatedfailure to satisfy the offer. We also have not commenced the process of obtaining the approval ofMinimum Condition;



•

by CF Holdings' stockholders by filing a preliminary proxy statement with the SEC and therefore we may not be in a position to obtain the requisite approval of CF Holdings' stockholdersHoldings prior to the current expiration dateacceptance for payment of any shares of Terra common stock by Composite pursuant to the offer:



•

if Terra is in uncured breach of any of its representations, warranties or covenants contained in the merger agreement and such breach or failure to perform would result in the existence of any event or condition set forth in paragraph (b) or (c) of the offer. Any decisionsection of this prospectus/offer to extendexchange entitled "The Exchange Offer—Conditions of the Offer—Other Conditions";



•

if the Terra board of directors fails to recommend that Terra's stockholders accept the offer and tender their shares of Terra common stock to Composite in the offer or effects a Change in Company Recommendation; or



•

if so,Terra or any of its subsidiaries or its or their respective representatives materially breached any of their non-solicitation obligations;



•

by Terra prior to the acceptance for how long, will be made at such time. The expiration date may also be subjectpayment of any shares of Terra common stock by Composite pursuant to multiple extensions.

the offer:



•

if CF Holdings or Composite is in uncured breach of any of its representations, warranties or covenants contained in the proposed merger agreement, which breach or failure to perform would result in the existence of any event or condition set forth in the paragraph following subparagraph (iv)(a) of the section of this prospectus/offer to exchange entitled "The Merger Agreement—Termination"; or



•

to enter into a definitive agreement with respect to a Superior Proposal.

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Termination Fees (See page 58).

        The merger agreement provides that (i) upon the termination of the merger agreement under specified circumstances, Terra will owe CF Holdings a cash termination fee of $123 million and/or reimbursement for CF Holdings' payment of the $123 million termination fee in connection with the Yara/Terra merger agreement and (ii) upon termination of the merger agreement under certain other specified circumstances, CF Holdings will owe Terra a cash termination fee of $123 million.

Procedure for Tendering Shares (See page 44)65)

        The procedure for tendering shares of Terra common stock varies depending on whether you possess physical certificates or a nominee holds your certificates for you and on whether or not you hold your securities in book-entry form. In addition to the procedures outlined in this prospectus/offer to exchange, CF Holdings and Composite urge you to read the accompanying transmittal materials, including the letter of transmittal.

Withdrawal Rights (See page 47)68)

        You can withdraw tendered shares at any time until the offer has expired and, thereafterunless Composite has accepted the shares for exchange pursuant to the offer, you canmay also withdraw suchany tendered shares at any time until CF Holdings causesafter May 4, 2010. If Composite to accept such shares for exchange in the offer. If CF Holdings decides to cause Compositeelects to provide a subsequent offering period, it will accept shares tendered during that period immediately and you will not be able to withdraw shares tendered in the offer during any subsequent offering period.

Exchange of Shares of Terra Common Stock; Delivery of Shares of CF Holdings Common Stock and Cash (See page 43)64)

        Upon the terms and subject to the conditions of the offer (including, if the offer is extended or amended, the terms and conditions of any such extension or amendment), CF Holdings, through Composite will accept for exchange, and will exchange for cash and shares of CF Holdings common stock and, as applicable, cash in lieu of fractional shares, all shares of Terra common stock validly tendered and not properly withdrawn promptly after the expiration date. If CF HoldingsComposite elects to cause Composite to provide a subsequent offering period following the expiration of the offer, shares tendered during such subsequent offering period will be accepted for exchange immediately upon tender and will be promptly exchanged for the offer consideration.

Risk Factors (See page 19)20)

        The offer and the second-step merger are, and if the offer and the second-step merger are consummated, the combined company will be, subject to a number of risks which you should carefully consider prior to participating in the exchange offer.

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SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA FOR CF HOLDINGS

        The following table sets forth the selected historical consolidated financial and operating data for CF Holdings. The selected consolidated financial and operating data as of and for the fiscal years ended December 31, 2009, 2008, 2007, 2006 2005 and 20042005 have been derived from CF Holdings' audited consolidated financial statements.statements and reflect the retrospective adoption of the provisions of ASC Topic 810 that pertain to the standard formerly known as Statement of Financial Accounting Standards No. 160—Noncontrolling Interests in Consolidated Financial Statements—an amendment of ARB No. 51 and the provisions of ASC Topic 260 that pertain to the standard formerly known as FASB Staff Position (FSP) No. EITF 03-6-1—Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, which is reflected in the Annual Report on Form 10-K filed by CF Holdings with the SEC on February 25, 2010. You should not take historical results as necessarily indicative of the results that may be expected for any future period.

        You should read this selected consolidated financial and operating data in conjunction with CF Holdings' Annual Report on Form 10-K for the fiscal year ended December 31, 2008.2009. Please see the section of this prospectus/offer to exchange entitled "Where You Can Find More Information."

Table of Contents

Table of Contents

Table of Contents

SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA FOR TERRA

        The following table sets forth the selected historical annual consolidated financial and operating data for Terra. The selected consolidated financial and operating data as of and for the fiscal years ended December 31, 2009, 2008, 2007, 2006 2005 and 20042005 have been derived from Terra's audited consolidated financial statements. Certain prior year amounts were reclassified in Terra's Annual Report on Form 10-K for the fiscal year ended December 31, 2009 to conform to the December 31, 2009 presentation as it relates to the retrospective adoption of accounting guidance related to noncontrolling interest. You should not take historical results as necessarily indicative of the results that may be expected for any future period.

        You should read this selected consolidated financial and operating data in conjunction with Terra's Annual Report on Form 10-K for the fiscal year ended December 31, 2008.2009. Please see the section of this prospectus/offer to exchange entitled "Where You Can Find More Information."