Intrepid Potash secures extension to debt waiver, says negotiations ongoing
Intrepid Potash announced it has obtained an extension to the previous waiver of certain covenants under its senior notes until October 31. The previous waiver was set to expire on September 30. "The extension of the waiver is intended to provide additional time to complete definitive documentation for the revised note terms as well as the terms of the previously announced alternative credit facility. These negotiations have been impacted by the complexity of the numerous constituents involved and the evolving nature of the current potash and langbeinite markets. We continue to negotiate," said CEO Bob Jornayvaz. In connection with the waiver and amendment, on October 3, Intrepid is required to pay the noteholders $15.8M, consisting of a $15M principal payment and a $800,000 negotiated make-whole payment resulting from early retirement of the notes.