FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


JPMorgan Chase Agents New $700MM Facility for Compass Minerals

April 22, 2016, 07:36 AM
Filed Under: Mining
Related: JPMorgan Chase

Compass Minerals 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. An 8-K filing with the SEC indicates that JPMorgan Chase is the adminstrative agent on these facilities.
“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.”

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.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.