Compass Minerals begins tender offer for 12% discount notes due 2013

By Jennifer Chiou

New York, May 21 - Compass Minerals International, Inc. announced the start of a tender offer to purchase any and all of its $89.6 million of 12% senior subordinated discount notes due 2013.

The Overland Park, Kan.-based maker of inorganic mineral products added that the offer ends at midnight ET on June 18.

For each $1,000 principal amount, the company said it will pay $1,045, which includes a $20 consent payment for those who tender by the early deadline of 5 p.m. ET on June 4.

Compass Minerals said it will also pay accrued interest.

The company is soliciting consents to eliminate substantially all of the restrictive covenants and some events of default and reduce the required notice period contained in the optional redemption provision of the indenture.

The company noted that it intends to call any remaining notes following the tender.

The company said it will use the proceeds from a concurrent private placement of $100 million of senior notes due 2019 for the offer.

D.F. King & Co., Inc. is the information agent (800 714-3313 or call collect 212 269-5550). Credit Suisse Securities (USA) LLC is the dealer manager (212 325-4951).

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