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Intrepid Potash Inc. To Issue $150 Million Of Senior Notes

Intrepid Potash Inc. (Intrepid) (NYSE:IPI) announced today that it has agreed to issue $150 million aggregate principal amount of unsecured senior notes (the “Notes”) in the following series:
  • $60 million of 3.23% Senior Notes, Series A, due April 16, 2020
  • $45 million of 4.13% Senior Notes, Series B, due April 14, 2023
  • $45 million of 4.28% Senior Notes, Series C, due April 16, 2025

The Notes are expected to be issued on April 16, 2013. The Notes were offered to institutional investors in a private placement exempt from registration under the Securities Act of 1933, as amended.

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. Intrepid intends to use the net proceeds from the issuance primarily to support general corporate purposes, including capital investments to grow production of incremental low-cost tons, and potential investments that complement its strategy and grow its business. Intrepid is committed to continuing its strategy of increasing potash production, decreasing per ton operating costs, and leveraging its multi-decade reserves.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities. The Notes have not been, and will not be, registered under the Securities Act of 1933, as amended, or the state securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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Intrepid routinely posts information about Intrepid on its website under the Investor Relations tab. Intrepid's website address is www.intrepidpotash.com.

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