U.S. Bank, Wells Fargo Arrange Intrepid Potash Amendment
Intrepid Potash announced that it has amended and extended its existing $250 million unsecured credit facility. Under the amendment, the maturity of the facility was extended by two years to August 3, 2018, certain financial covenants were eased, and pricing was improved.
The transaction was led by U.S. Bank as the administrative agent and Wells Fargo Bank as the syndication agent. U.S. Bank and Wells Fargo served as the joint lead arrangers and joint book runners. JP Morgan Chase, Bank of Montreal and Bank of America serve as co-documentation agents associated with this facility, with additional participation from Ag First Farm Credit Bank, Bank of the West and United FCS RCA.
Denver, CO-based Intrepid is the largest producer of potash in the U.S. and is dedicated to the production and marketing of potash and Trio, a product produced from langbeinite ore.