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Moody’s rates SCIH loan, notes B3, notes Caa2
Moody’s Investors Service said it gave a B3 rating to SCIH Salt Holdings Inc.’s upcoming $900 million incremental first-lien term loan B and $1.1 billion senior secured notes and a Caa2 rating to the proposed $700 million of senior unsecured notes.
Simultaneously, Moody’s affirmed the B3 corporate family rating, B3-PD probability of default rating and the B3 rating of the $900 million first-lien term loan.
Proceeds along with $993 million in new cash from parent Stone Canyon and MCD, a management affiliate, will be used to fund the acquisition of K+S’ Americas salt business (Morton Salt), retire the $200 million second-lien term loan, pay for the related transaction fees and expenses and add cash to the balance sheet.
The outlook remains stable.
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