K+S Group paid off its debt obligations

German K+S Group has closed its credit line of €350 million (approximately $416.7 million) allocated to the company by a consortium of banks in August last year.

“As a result of the sale of our salt business in the US, we have significantly reduced debt and increased financial capacity,” said K+S Group Chief Financial Officer Thorsten Boeckers. “Thus, we have closed the line of credit, which luckily we didn’t have to use.”

In total, K+S Group paid off its financial obligations of about a billion euros.

“Despite the increased financial freedom, it’s important for us to continue to discipline and optimize spending to prevent debt reoccurrence even at low potassium prices,” added Thorsten Boeckers.