Intrepid Potash repays $17.1 million series C senior notes with cash

By Taylor Fox

Chicago, July 21 – Intrepid Potash Inc. paid down its series C senior notes on July 17 using entirely cash on hand, according to a news release.

The total repayment to series C noteholders was $17.1 million, including $15 million of remaining principal, a reduced make-whole payment and accrued interest.

“The early paydown of our series C senior notes reduces our effective interest rate and provides us with considerably more flexibility with our remaining lenders to pursue our strategy of expanding our oilfield solutions business in this period of unique opportunity,” said executive chairman, president and chief executive officer Bob Jornayvaz.

After the payment, Intrepid has $14 million of cash on hand, $30 million outstanding under its revolving credit facility, $15 million remaining on its series B senior notes due 2023 and $10 million outstanding from the paycheck protection program. It also has $44 million available under its $75 million credit facility.

Intrepid has used all $10 million of its loan under the paycheck protection program for eligible payroll expenses and expects the majority of the loan will be forgiven.

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

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