Intrepid Potash Inc to issue USD150m unsecured senior notes
Aug 29, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --Potash company Intrepid Potash Inc IPI said on Tuesday that it has agreed to issue USD150m aggregate principal amount of unsecured senior notes in three series to institutional investors in a private placement.
The company will issue the USD60m 3.23% senior notes, Series A, due 16 April 2020; USD45m 4.13% senior notes, Series B, due 14 April 2023 and USD45m 4.28% senior notes, Series C, due 16 April 2025.
According to the company, the weighted average term of the notes is 9.4 years and the weighted average coupon is 3.9%, reflecting the historically low interest rate environment for long-term financing.
Net proceeds are expected to be used by the company to support general corporate purposes, capital investments to grow production of incremental low-cost tons, and potential investments that complement its strategy and business.
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