Compass Minerals International incurred a new $450 million incremental tranche A-1 term loan. JPMorgan Chase Bank served as administrative agent.

Kansas-based Compass Minerals used the proceeds from the loan to purchase the remaining 65% equity in Brazilian specialty plant nutrients manufacturer and distributor Produquímica and to retire a portion of the debt it expects to assume from Produquímica at closing. The acquisition is expected to close in October 2016.

The debt matures July 1, 2021 and carries an interest rate of LIBOR + 2%.

“The attractive fundamentals of Compass Minerals’ unique portfolio of businesses and our history of strong cash flow generation continue to enable us to access low-cost capital,” said Matthew Foulston, Compass Minerals’ CFO. “With this financing in place, we expect to acquire the remainder of Produquímica as planned in early October 2016.”