S&P assigns SCIH Salt, loan B

S&P said it assigned B ratings to SCIH Salt Holdings Inc. and its proposed seven-year term loan and five-year revolving credit facility.

The company was created by Stone Canyon Industries Holdings LLC to acquire salt producers Kissner Holdings LP and sister company Kissner Holdings II LP. SCIH will use the $900 million first-lien term loan, an unrated $200 million second-lien term loan and $985 million of equity for the acquisition.

The B rating considers the combined entities' expanded scale. “However, the company is still small compared to the majority of mining and materials processing companies we rate, with anticipated revenues of about $480 million-$500 million in 2020,” S&P said in a press release.

The outlook is stable.

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