Compass Minerals International, Inc. (NYSE:CMP) Files An 8-K Entry into a Material Definitive AgreementItem 9.01.Entry into a Material Definitive Agreement.
On September 15, 2017, Compass Minerals International, Inc. (the “Company”) entered into an amendment (the “Amendment”) to the Credit Agreement (the “Credit Agreement”), dated April 20, 2016, among the Company, Compass Minerals Canada Corp., Compass Minerals UK Limited, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto, as amended by the Incremental Amendment, dated September 28, 2016.
The Amendment was entered into to give effect to the following: (a) an amendment to the definition of “Applicable Margin” to provide that if the Consolidated Total Leverage Ratio as set forth in the most recent compliance certificate delivered to the administrative agent is greater than 4.50:1.00, the Applicable Margin is set at Level V (irrespective of the applicable Ratings Level) until such time as delivery of a subsequent compliance certificate that provides for a Consolidated Total Net Leverage Ratio of less than or equal to 4.50:1.00, and (b) an amendment to Section 6.13(a) of the Credit Agreement so that the maximum levels for the Consolidated Total Net Leverage Ratio is increased from 4.50:1.00 to 5.00:1.00 for the fiscal quarters ended September 30, 2017 to September 30, 2018 (inclusive).
The Company has paid certain fees in connection with the Amendment, including a consent fee to each lender approving the Amendment in an amount equal to 0.05% of its respective term loans and revolving commitments under the Credit Agreement.
The foregoing description does not purport to be complete and is qualified in its entirety by reference to the Amendment, dated September 15, 2017, a copy of which is attached as Exhibit 10.1 and which is incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
Exhibit Description |
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10.1 |
Amendment No. 2, dated September 15, 2017 to the Credit Agreement, dated April 20, 2016, among Compass Minerals International, Inc., Compass Minerals Canada Corp., Compass Minerals UK Limited, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto. |
COMPASS MINERALS INTERNATIONAL INC ExhibitEX-10.1 2 cmp8k09182017ex101.htm EXHIBIT 10.1 Exhibit Exhibit 10.1EXECUTION VERSIONAMENDMENT NO. 2 dated as of September 15,…To view the full exhibit click here
About Compass Minerals International, Inc. (NYSE:CMP)
Compass Minerals International, Inc. is a holding company. The Company, through its subsidiaries, is engaged in producing and marketing essential minerals, including salt, sulfate of potash (SOP) specialty fertilizer, magnesium chloride and micronutrients. It operates through two segments, which include salt and plant nutrition. The salt segment mines, produces, processes, distributes and markets sodium chloride and magnesium chloride in North America and sodium chloride in the United Kingdom. The salt segment products include rock salt, mechanically evaporated and solar evaporated salt, and brine and flake magnesium chloride. The plant nutrition segment includes sales of SOP and micronutrients. It sells micronutrient products under Wolf Trax brand. Its SOP product is marketed under the brand name Protassium+. The Company operates over 10 production and packaging facilities, including the rock salt mines in Goderich, Ontario, Canada, and in the United Kingdom in Winsford, Cheshire.
