OVERLAND PARK, Kan.--(BUSINESS WIRE)--May. 21, 2012--
Compass Minerals (NYSE: CMP) has amended and restated its senior secured
credit facility and refinanced its three senior secured term loan
tranches into a single new term loan. The new $387 million term loan
carries an interest rate of 1.75 percent over LIBOR, which will reduce
the company’s interest expense by approximately $2 million per year, and
extends the company’s average bank debt maturity by approximately 30
months to 2017.
“Compass Minerals’ portfolio of resilient businesses consistently
generates strong cash flow that facilitates our access to low-cost
capital,” said Jamie Standen, Compass Minerals treasurer. “Not only does
this refinancing extend the maturity of our debt and thereby improve our
capital structure, it will also lower our cost of borrowing going
forward.”
Earlier this month, both Moody’s Investors Service and Standard & Poor’s
affirmed the company’s Corporate Family Ratings of Ba1 and BB+
respectively. Both rating agencies maintain a stable outlook.
About Compass Minerals
Based in the Kansas City metropolitan area, Compass Minerals is a
leading producer of minerals, including salt, sulfate of potash
specialty fertilizer and magnesium chloride. The company provides
highway deicing salt to customers in North America and the United
Kingdom and specialty fertilizer to growers worldwide. Compass Minerals
also produces consumer deicing and water conditioning products,
ingredients used in consumer and commercial foods, and other
mineral-based products for consumer, agricultural and industrial
applications. Compass Minerals also provides records management services
to businesses throughout the U.K. For more information, visit www.compassminerals.com.
This press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on the company's current expectations and involve
risks and uncertainties that could cause the company's actual results to
differ materially. The differences could be caused by a number of
factors including those factors identified in the "Risk Factors"
sections of our Annual and Quarterly Reports on Forms 10-K and 10-Q. The
company undertakes no obligation to update any forward-looking
statements made in this press release to reflect future events or
developments.
Source: Compass Minerals
Compass Minerals
Peggy Landon, 913-344-9315
Director of
Investor Relations and Corporate Communications