S&P rates Kissner loan B

S&P said it assigned its B issuer credit rating to Kissner Holdings II LP and a B issue-level rating to the company’s proposed $310 million senior secured first-lien credit facility.

Kissner announced plans to acquire NSC Minerals Ltd. and to refinance US Salt's existing debt.

The transaction will be funded by a proposed $285 million senior secured first-lien term loan, a $127.5 million second-lien term loan (unrated) and $92 million of equity.

The proposed transaction will consolidate the operations of Kissner subsidiary US Salt LLC with newly acquired NSC.

“The stable outlook reflects our view that Kissner's credit metrics will remain 6.5x-7x as earnings growth is offset by acquisition related debt,” S&P said in a news release.

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