OVERLAND PARK, Kan.--(BUSINESS WIRE)--Apr. 21, 2016--
Compass Minerals (NYSE: CMP) has refinanced its existing senior secured
credit facilities with a new $400 million senior secured term loan and a
$300 million senior secured revolver, which both mature July 1, 2021 and
carry an interest rate of LIBOR plus 1.5 percent based on the company’s
current leverage. These new credit facilities replace $471 million in
term loans and a $125 million revolver.
“Compass Minerals continues to be able to access low-cost capital due to
its portfolio of resilient businesses which have consistently generated
strong cash flow,” said Jamie Standen, Compass Minerals treasurer.
“Increasing our revolving credit facility and decreasing our term loan
provides us with increased financial flexibility and is expected to
reduce interest expense going forward.”
About Compass Minerals
Compass
Minerals is a leading provider of essential minerals that provide
solutions to nature’s challenges, including salt for winter roadway
safety and other consumer, industrial and agricultural uses, and
specialty plant nutrition minerals that improve the quality and yield of
crops. Named one of Forbes’ 100 Most Trustworthy Companies in America in
2015, Compass Minerals’ mission is to be the best essential minerals
company by delivering where and when it matters. The company produces
its minerals at locations throughout the U.S. and Canada and in the U.K.
For more information about Compass Minerals and its products, please
visit www.compassminerals.com.
Certain statements in this press release, including without
limitation the company’s or management’s beliefs, expectations or
opinions and statements about expected interest expense, are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are those that
predict or describe future events or trends and that do not relate
solely to historical matters. We use words such as “may,” “would,”
“could,” “should,” “will,” “likely,” “expect,” “anticipate,” “believe,”
“intend,” “plan,” “forecast,” “outlook,” “project,” “estimate” and
similar expressions suggesting future outcomes or events to identify
forward-looking statements or forward-looking information. 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. For further information on these and other risks and
uncertainties that may affect the company’s business, see the “Risk
Factors” sections of our Annual Report on Form 10-K for the year ended
December 31, 2015. The company undertakes no obligation to update any
forward-looking statements made in this press release to reflect future
events or developments. Because it is not possible to predict or
identify all such factors, this list cannot be considered a complete set
of all potential risks or uncertainties.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160421005467/en/
Source: Compass Minerals
Compass Minerals
Investor Contact
Theresa L.
Womble
Director of Investor Relations
+1-913-344-9362
womblet@compassminerals.com
or
Media
Contact
Tara Hart
Communications Manager
+1-913-344-9319
MediaRelations@compassminerals.com