Kissner Milling to launch $475 million credit facility on Wednesday

By Sara Rosenberg

New York, Aug. 3 – Kissner Milling Co. Ltd. is scheduled to hold a bank meeting at 10 a.m. ET on Wednesday to launch a $475 million credit facility, according to a market source.

Barclays is the bookrunner on the deal.

The facility consists of a $50 million five-year ABL revolver and a $425 million seven-year first-lien covenant-light term loan, the source said.

Proceeds will be used to fund the acquisition of BSC Holdings Inc., to refinance 7¼% senior secured notes due 2019 and to fund a shareholder distribution.

Net first-lien leverage and net total leverage is 3.9 times, the source added.

The sponsors are Metalmark Capital, Demetree Salt LLC and Silverhawk Capital Partners.

Kissner is an Ontario-based producer and distributor of bulk rock salt and packaged specialty deicing products.

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