Compass Minerals International Inc. said Sept. 28 that it issued a new US$450 million senior secured term loan, which matures July 1, 2021, and carries an interest rate of LIBOR plus 2%.

Proceeds are earmarked to purchase the remaining 65% stake in Produquímica Indústria e Comércio SA and to retire a portion of the debt Compass Minerals expects to assume from Produquímica at closing.

Compass expects to pay between US$310 million and US$330 million to fully acquire Produquímica and will assume about US$150 million of the specialty plant nutrition company's long-term debt.