Overland Park, Kan.-Compass Minerals has amended and extended its senior secured credit facility by extending the maturity on a portion of its existing term loans and replacing its revolving line of credit. The company extended the maturity on approximately $234 million of its term loan to 2016 at a rate of 2.75 percent over LIBOR. The remaining $156 million of the original term loan will mature in December 2012. The new $125 million revolving credit facility due in 2015 carries a drawn interest rate of 2.75 percent over LIBOR based on the company’s current leverage ratio. “Compass Minerals’ resilience through varied economic cycles has allowed us to build shareholder value through continued improvements to our capital structure,” said Rodney Underdown, Compass Minerals’ chief financial officer. “In addition to extending and staggering our debt maturities, this transaction greatly enhances our financial flexibility.” Earlier this month, Moody’s Investors Service upgraded the company’s Corporate Family Rating to Ba1 from Ba2 with a stable outlook.
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