New Issue: Salt Holdings sells $100 million 10-year discount notes at 55.667 to yield 12%

By Paul A. Harris

St. Louis, May 19 - Salt Holdings sold $100 million proceeds, $179.6 million face amount of senior subordinated discount notes due June 1, 2013 at 55.677 to yield 12% on Monday, according to an informed source.

Credit Suisse First Boston, JP Morgan and Deutsche Bank Securities were bookrunners.

Salt, the holding company for Compass Minerals Group, will use proceeds to pay a dividend.

Issuer:	Salt Holdings
Face amount:	$179.6 million
Proceeds:	$99,995,892
Maturity:	June 1, 2013
Security description:	Senior subordinated discount notes
Manager:	Credit Suisse First Boston, JP Morgan, Deutsche Bank
Coupon:	Zero for the first five years
Price:	55.677
Yield:	12%
Spread:	855 basis points
Call features:	Non-callable for five years
Equity clawback:	Until June 1, 2006 for 35% at 112
Settlement date:	May 22, 2003
Note: Corrected from original report in newsletter.

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