Benzinga | Nov 17, 2021 04:26PM EST

Compass Diversified Offers Update On Its Capital Structure

Compass Diversified (NYSE:CODI), an owner of leading middle market businesses, today provided an update on its capital structure.

Compass Group Diversified Holdings, LLC (the "Company" and, together with Compass Diversified, "CODI") completed its previously announced offering of $300 million in aggregate principal amount of 5.000% senior unsecured notes due 2032 (the "Notes") in a private offering. In conjunction with the completion of this offering, CODI has reduced its revolver borrowings by $297 million and now has access to approximately $583 million of its $600 million revolving credit facility.

"We are very pleased to have completed this offering, which is yet another demonstration of our commitment to deepening our competitive advantage through the pursuit of a lower weighted average cost of capital," said Elias Sabo, CEO of Compass Diversified. "By extending our debt maturities and increasing our flexibility, we believe CODI remains poised to efficiently deploy capital in pursuit of new acquisitions while also investing in its subsidiaries to achieve both short and long-term growth goals. We are confident that our permanent capital advantage, supported by our strengthened balance sheet, positions us well to create considerable, long-term value for shareholders."