Compass Minerals makes changes to interest, leverage ratio covenant

By Angela McDaniels

Tacoma, Wash., Sept. 18 – Compass Minerals International, Inc. amended its credit agreement on Friday to make changes to the interest rate and the maximum leverage ratio covenant, according to an 8-K filing with the Securities and Exchange Commission.

The definition of “applicable margin” was amended to provide that if the company’s consolidated total leverage ratio is greater than 4.5 to 1.0, the applicable margin is set at level V, irrespective of the applicable ratings level, until the ratio is less than or equal to 4.5 to 1.0.

The amendment also increased the maximum levels for the consolidated total net leverage ratio to 5.0 to 1.0 from 4.5 to 1.0 for the fiscal quarters ending Sept. 30 to Sept. 30, 2018, inclusive.

The company paid a 0.05% consent fee to consenting lenders.

JPMorgan Chase Bank, NA is the administrative agent.

Compass Minerals is an Overland Park, Kan.-based producer of minerals for deicing, agricultural and industrial applications.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.