Compass Minerals gets default notice on $500M notes for late filing; lenders extend deadlines

COMPASS MINERALS INTERNATIONAL INC

Received default notice on $500M 6.750% Senior Notes due 2027 for not timely delivering Q2 2024 10-Q.
Default becomes an Event of Default after 90 days; 0.50% additional interest may accrue if not cured within 180 days.
Credit agreement and receivables facility amendments extend Q2 2024 financial statement delivery deadline to Nov 29, 2024.
Company previously disclosed it needs to restate financials for periods from Q2 2023 through Q1 2024.
As of September 19, 2024, the default has not yet become an Event of Default and no additional interest is accruing.

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