WESTPORT, Conn., Nov. 17, 2021 (GLOBE NEWSWIRE) — Compass Diversified (NYSE: CODI), an owner of leading middle market businesses, today provided an update on its capital structure.
Compass Group Diversified Holdings, LLC completed its previously announced offering of $300 million in aggregate principal amount of 5.000% senior unsecured notes due 2032 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.”
About Compass Diversified
CODI owns and manages a diverse set of highly defensible North American middle market businesses. Each of its current subsidiaries is a leader in its niche market.
Leveraging its permanent capital base, long-term disciplined approach and actionable expertise, CODI maintains controlling ownership interests in each of its subsidiaries, maximizing its ability to impact long-term cash flow generation and value creation. CODI provides both debt and equity capital for its subsidiaries, contributing to their financial and operating flexibility. CODI utilizes the cash flows generated by its subsidiaries to invest in its long-term growth and has consistently generated strong returns through its culture of transparency, alignment and accountability.
