Compass Minerals International, Inc. (NYSE: CMP) has announced the pricing of $650 million aggregate principal amount of 8.000% senior notes due 2030 in a private offering. The sale of the notes is expected to be completed on or about June 16, 2025, subject to customary closing conditions. The notes will be senior unsecured obligations of Compass Minerals and will be guaranteed by certain of its domestic subsidiaries.
The company intends to use the net proceeds from this offering for several purposes, including repaying all outstanding amounts under its senior secured credit facility, redeeming $350 million of its outstanding 6.750% senior notes due 2027, paying transaction-related fees and expenses, and for general corporate purposes.
Additionally, Compass Minerals announced the redemption of $350 million aggregate principal amount of its 2027 notes. The redemption date for the 2027 notes is June 17, 2025, at a redemption price equal to 101.125% of the principal amount being redeemed and any accrued and unpaid interest, up to, but excluding, the redemption date. After the redemption date, interest on each 2027 note to be redeemed will cease to accrue, leaving $150 million aggregate principal amount of the 2027 notes outstanding.
Compass Minerals operates 12 production and packaging facilities with nearly 1,800 employees throughout the U.S., Canada, and the U.K. As a result of these announcements, the company's shares have moved 1.05% on the market, and are now trading at a price of $19.24. For more information, read the company's full 8-K submission here.
