Intrepid Potash ups revolver to $150 million, pushes maturity to 2027

By William Gullotti

Buffalo, N.Y., Aug. 9 – Intrepid Potash, Inc. amended and restated its secured revolving credit agreement with Bank of Montreal as administrative agent, swingline lender, lead arranger and bookrunner on Aug. 4, according to an 8-K filed with the Securities and Exchange Commission.

The amended and restated credit agreement doubles the commitments from its 2019 amended revolver to $150 million and pushes the facility’s maturity to Aug. 4, 2027 from Aug. 1, 2024.

The amendments also changed the facility’s reference rate to SOFR from Libor. Borrowings will bear interest at SOFR plus a margin ranging from 150 basis points to 225 bps. Advances on letters of credit bear a fee ranging from 50 bps to 125 bps. There is also an unused revolving credit fee that ranges from 15 bps to 30 bps.

Margins and fees are determined by Intrepid’s leverage ratio.

The revolver’s accordion feature was also slashed by the amendments to $30 million from $75 million.

Intrepid is a Denver-based producer and marketer of potash.

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