Intrepid Potash, Inc. announced it has reached an agreement with its noteholders to amend the terms of its senior notes.  Concurrently, Intrepid entered an asset-based revolving credit agreement with Bank of Montreal that provides for borrowings of up to $35 million, subject to a borrowing base limitation that adjusts monthly.  The revolving credit facility initially bears interest at a rate based upon LIBOR plus 2%.  Beginning May 31, 2017, the facility will bear interest at LIBOR plus a margin, which ranges from 1.75% to 2.25% and adjusts monthly based on average availability under the credit agreement.  The credit agreement is secured by a first lien on Intrepid`s current assets and a second lien, behind the noteholders, on Intrepid`s other assets. The facility expires on October 31, 2018.

"We are grateful for the thoughtfulness and dedication exhibited by our lending partners throughout these negotiations and to all of our stakeholders for their patience as we worked towards this resolution of our debt covenant issues," said Bob Jornayvaz, Intrepid`s Executive Chairman, President and CEO. "This amendment and the new credit facility provide us with added financial flexibility and time to execute on our strategic plan as we continue transforming our business model during this down cycle in the fertilizer market."

The notes, as amended, are now secured by a first lien on substantially all of Intrepid`s property, plant and equipment, as well as a second lien, behind Bank of Montreal, on Intrepid`s current assets.

Intrepid Potash is the only U.S. producer of potash and supplies approximately 9% of the country’s annual consumption.  Potash is applied as an essential nutrient for healthy crop development, utilized in several industrial applications and used as an ingredient in animal feed. Intrepid also produces a highly sought-after specialty fertilizer, Trio®, which delivers three key nutrients, potassium, magnesium and sulfate, in a single particle.