Moody's rates SCIH, loans B3

Moody's Investors Service said it assigned first-time ratings to SCIH Salt Holdings Inc. including a B3 corporate family rating and a B3-PD probability of default rating. Moody's also assigned B3 ratings to the proposed $125 million first-lien senior secured revolving credit facility that expires in 2025 and to the $900 million first-lien senior secured term loan B due 2027. The outlook is stable.

SCIH Salt Holdings Inc. is a newly established holding company that was formed following the acquisition of the businesses of Kissner Group Holdings LP by Stone Canyon Industries Holdings LLC.

Proceeds from the term loan and the $200 million second-lien senior secured term loan (unrated) along with $985 in new cash and management rollover equity will be used to fund the acquisition, refinance the debt obligations of Kissner Holdings LP and US Salt LLC and pay for the related transaction fees and expenses. The existing ratings of Kissner Holdings and US Salt will be withdrawn after the transaction closes.

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