Compass Minerals repays $30 million of bank debt

By Sara Rosenberg

New York, March 31 - Compass Minerals Group Inc. voluntarily repaid $30 million of bank debt in March.

"We are seeing the full benefits from our prior-year cost reduction initiatives and are continuing to apply the capital spending discipline practiced during 2002. In addition, winter demand for 2003 has been good in our combined deicing market areas," said Michael E. Ducey, president and chief executive officer, in a news release. "Therefore, we decided to apply our free cash flow resulting from these spending controls and solid sales results toward additional debt reduction. This reflects our confidence in the continued success of Compass Minerals Group and provides a very good first step in helping us meet our 2003 deleveraging goals."

Compass Minerals is an Overland Park, Kan. producer of salt and sulfate of potash.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.