Compass Minerals International, Inc. announced the closing of its private offering of $650 million aggregate principal amount of 8.000% senior notes due 2030. These notes are senior unsecured obligations guaranteed by certain domestic subsidiaries.
Concurrently, the company completed an amendment to its credit agreement, which fixed aggregate revolving commitments at $325 million and modified certain financial maintenance covenants. This amendment provides greater flexibility for the company's financial operations.
The net proceeds from the offering were used to repay all outstanding amounts under its senior secured credit facility and to redeem approximately $350 million of its outstanding 6.750% senior notes due 2027. After this redemption, $150 million of the 2027 Notes remain outstanding, significantly extending the company's debt maturity profile and improving its balance sheet.
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