Compass Minerals refinanced its existing senior secured credit facilities with a $400 million senior secured term loan and a $300 million senior secured revolver, both of which mature on July 1, 2021 and carry an interest rate of LIBOR+1.5% based on the company’s current leverage. These new credit facilities replace $471 million in term loans and a $125 million revolver.

Compass Minerals will use proceeds from the new facilities to repay its existing credit agreement borrowings. Proceeds from the facility may also be used for ongoing working capital requirements and other general corporate purposes, including distributions.

“Compass Minerals continues to be able to access low-cost capital due to its portfolio of resilient businesses which have consistently generated strong cash flow,” said Jamie Standen, Compass Minerals’ treasurer. “Increasing our revolving credit facility and decreasing our term loan provides us with increased financial flexibility and is expected to reduce interest expense going forward.”

JPMorgan Chase Bank served as administrative agent for this transaction.

Compass Minerals is a provider of minerals including salt for winter roadway safety and other consumer, industrial and agricultural uses, as well as specialty plant nutrition minerals. The company produces its minerals at locations throughout the U.S.,Canada and the UK.