Compass Minerals Prices $100 Million Of 8% Senior Notes
May 22, 2009 (FinancialWire) — Compass Minerals International, Inc. (NYSE: CMP) said it has priced its private placement offering of $100 million of 8% senior notes due 2019. The notes will be sold at a price equal to 97.497% of their face value, with an effective yield of 8.375%.
The offering is scheduled to close on June 5.
Compass said it plans to use the net proceeds to fund a concurrent tender offer to purchase any and all of Compass Minerals’ outstanding $89.6 million in aggregate principal amount 12% senior subordinated discount notes due 2013, and for general corporate purposes.
Overland Park, Kansas-based Compass Minerals is a producer of minerals, including salt, sulfate of potash specialty fertilizer and magnesium chloride.
The company provides highway deicing salt to customers in North America and the United Kingdom and specialty fertilizer to growers worldwide.
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