American Rock Salt buys back $1 million 9½% notes, spends $33.45 million on repurchases in fiscal 2008

By Angela McDaniels

Tacoma, Wash., Dec. 22 - American Rock Salt Co. LLC purchased $1 million of its $100 million 9½% senior secured notes due 2014 for $963,750 on Dec. 15. The notes will be retired.

The purchase price includes accrued interest, according to the company's 10-K report for the fiscal year ended Sept. 30. The 10-K was filed with the Securities and Exchange Commission on Monday.

In total, the company used $33.45 million to purchase 9½% notes during fiscal 2008, an increase of $27.5 million over 2007.

As of Sept. 30, the amount of 9½% notes outstanding was $57.51 million.

The notes are callable at any time at a make-whole redemption price. Beginning March 15, they will become callable at 104.75, which will be adjusted annually to par by March 15, 2012.

American Rock Salt is a Retsof, N.Y.-based producer of highway deicing rock salt.

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