Compass receives consents to amend 12¾% notes

New York, Oct. 16 - Compass Minerals International, Inc. said noteholders delivered the consents it need to amend its $123.5 million principal amount of 12¾% series B senior discount notes due 2012.

The company said it will enter into a supplemental indenture incorporating the changes. They will go into effect when it buys the notes.

Compass announced the consent solicitation along with a tender offer for the notes on Oct. 3.

Compass was soliciting consents from a majority of holders to eliminate substantially all restrictive covenants in the indenture.

The tender offer expires at midnight ET on Oct. 30. The consent solicitation ended at 5 p.m. ET on Oct. 16.

Holders cannot tender their notes without delivering consents and vice versa.

The company said it will pay $1,057.50 for each $1,000 principal amount of the notes tendered by the consent date, including a $20 consent fee.

The completion of the tender offer and consent solicitation are subject to the delivery of the required consents and the availability of necessary financing for the deal from a new term loan under the company's existing credit facility.

Credit Suisse Securities (USA) LLC (call collect 212 325-4951) is the dealer manager and solicitation agent. D.F. King and Co., Inc. (800 290-6429 or call collect 212-269-5550) is the information agent.

Compass is an Overland Park, Kan.-based producer and marketer of salt and specialty fertilizer.

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