Compass Minerals Announces Amendment to Credit Agreement

Published 9 months ago via Business Wire

Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, today announced that it had completed an amendment to its existing credit agreement. The amendment provides financial covenant relief in the near term and greater flexibility over time across a broad range of operating scenarios.

“We appreciate the unanimous support of our bank group and their recognition of the need for temporary covenant relief given the combination of an exceptionally mild deicing season and trough-level plant nutrition earnings. Today’s amendment adjusts our financial covenants in a manner that we believe provides sufficient headroom both in the near term and along our path to deleveraging over the coming years,” said Lorin Crenshaw, chief financial officer. “It occurs amid a recalibrated strategic focus aimed at strengthening our balance sheet and driving higher returns on capital through significant fixed cost reductions and lower capital intensity.”

Additional details regarding the amendment are provided in the Form 8-K filed today.

About Compass Minerals

Compass Minerals (NYSE: CMP) is a leading global provider of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities. The company’s salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial, chemical and agricultural applications. Its plant nutrition products help improve the quality and yield of crops, while supporting sustainable agriculture. Additionally, it is working to develop a next-generation, long-term fire-retardant business that offers more innovative and environmentally friendly products in the fight against wildfires. Compass Minerals operates 12 production and packaging facilities with nearly 2,000 employees throughout the U.S., Canada and the U.K. Visit compassminerals.com for more information about the company and its products.

Forward Looking Statements

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