Kissner launches $900 million term loan B at Libor plus 450 bps

By Sara Rosenberg

New York, Feb. 19 – Kissner Group Holdings LP (SCIH Salt Holdings Inc.) launched on Wednesday its $900 million seven-year covenant-lite first-lien term loan B (B3/B) with price talk of Libor plus 450 basis points with a 25 bps step-down at 0.5x inside closing date first-lien net leverage and a 25 bps step-down at 1x inside closing date first-lien net leverage, according to a market source.

The term loan is also talked with a 0% Libor floor and an original issue discount of 99 to 99.5, the source said.

The term loan has 101 soft call protection for six months and amortization of 1% per annum.

The company’s $1.225 billion of senior secured credit facilities also include a $125 million five-year revolver (B3/B) and a $200 million privately placed second-lien term loan.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, BofA Securities Inc., BMO Capital Markets, KKR Capital Markets and Citizens Bank are the joint lead arrangers and bookrunners on the deal.

Commitments are due at noon ET on March 4, the source added.

Proceeds will be used to help fund the acquisition of Kissner by Stone Canyon Industries Holdings LLC from Metalmark Capital Holdings LLC and Silvertree-KMC II LP.

Kissner is an Overland Park, Kan.-based pure-play producer and supplier of salt.

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