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Kissner launches $893 million term B repricing at Libor plus 400 bps
By Sara Rosenberg
New York, April 21 – Kissner (SCIH Salt Holdings Inc.) launched a repricing of its roughly $893 million covenant-lite first-lien term loan B due March 2027 that is talked at Libor plus 400 basis points with a 0.75% Libor floor and an original issue discount of 99.5 to 99.75, according to a market source.
The term loan will have 101 soft call protection for six months and amortization of 1% per annum, the source said.
Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.
Commitments are due at noon ET on Friday, the source added.
The term loan is being repriced into and will be fungible with the company’s recently syndicated $900 million incremental covenant-lite first-lien term loan B (B3/B) due March 2027 that is priced at Libor plus 400 bps with a 0.75% Libor floor and was sold at an original issue discount of 99.5. This tranche has 101 soft call protection for six months.
Along with the incremental term loan, the company is getting a $275 million incremental revolver (B3/B) due March 2025.
Morgan Stanley, BofA Securities Inc., Deutsche Bank Securities Inc., BMO Capital Markets, Goldman Sachs Bank USA, Citigroup Global Markets Inc., Citizens Bank, Credit Suisse Securities (USA) LLC, JPMorgan Chase Bank, KKR Capital Markets and RBC Capital Markets led the incremental debt.
Proceeds from the incremental bank debt will be used with $1.1 billion of secured notes, $700 million of unsecured notes and $993 million of equity to fund the acquisition of K+S AG’s Americas salt business for $3.2 billion, refinance existing debt, and pay associated fees and expenses.
Closing on the incremental bank debt is expected during the week of April 26.
Kissner, a subsidiary of Stone Canyon Industries Holdings LLC, is an Overland Park, Kan.-based pure-play producer and supplier of salt.
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