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Article: Compass Minerals Secures Incremental Term Loan.
- Article from:
- Business Wire
- Article date:
- October 19, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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OVERLAND PARK, Kan. -- Compass Minerals (NYSE: CMP) and certain of its subsidiaries have entered into a $127.0 million incremental term loan as part of an amendment to its existing senior secured credit facility. The incremental term loan is due in 2012 with an interest rate of 2.0 percent over LIBOR. Compass Minerals will have a corresponding interest rate swap which will fix the underlying LIBOR rate at 4.565 percent. The swap will apply to $50 million of the incremental term loan through December 2010.
Proceeds from the incremental term loan will be used to fund the previously announced tender offer for the company's 12.75-percent Series B Senior Discount ...
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