Denver — Intrepid Potash Inc. said Aug. 28 that it has agreed to issue $150 million aggregate principal amount of unsecured senior notes in the following series: $60 million of 3.23 percent senior notes, series A, due April 16, 2020; $45 million of 4.13 percent senior notes, series B, due April 14, 2023; and $45 million of 4.28 percent senior notes, series C, due April 16, 2025. The notes are expected to be issued on April 16, 2013. The notes were offered to institutional investors in a private placement exempt from registration under the Securities Act of 1933, as amended. The weighted average term of the notes is 9.4 years and the weighted average coupon is 3.9 percent, reflecting the historically low interest rate environment for long-term financing. Intrepid intends to use the net proceeds from the issuance primarily to support general corporate purposes, including capital investments to grow production of incremental low-cost tons, and potential investments that complement its strategy and grow its business. Intrepid says it is committed to continuing its strategy of increasing potash production, decreasing per ton operating costs, and leveraging its multi-decade reserves.
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