Compass Minerals closed on its new amended credit agreement which provides for a $300 million revolving credit facility and $400 million term loan.

Both the revolving credit facility and the term loan mature on January 15, 2025 and carry an interest rate of LIBOR plus 2% or a base rate plus 1%, as applicable.

According to a related 8-K filing, JPMorgan served as administrative agent for the transaction.

The company is using the net proceeds from its $500 million senior notes offering, together with borrowings under the amended and restated credit agreement, to repay all outstanding indebtedness under its existing credit agreement. The senior notes are senior unsecured obligations of Compass Minerals and are guaranteed by certain of its domestic subsidiaries.

“We are pleased to successfully access the debt market and achieve favorable terms allowing us to refinance our current credit facility, stagger our debt maturities and boost our liquidity,” said CFO Jamie Standen. “Achieving this new debt structure is an important step toward further strengthening the underlying fundamentals of our company and increasing our ability to deliver enhanced value to all of our stakeholders.”

Compass Minerals is a provider of essential minerals that solve nature’s challenges, including salt for winter roadway safety and other consumer, industrial and agricultural uses, and specialty plant nutrition minerals that improve the quality and yield of crops.