Morton launches $1.54 billion term loan B at SOFR plus 350-375 bps

By Sara Rosenberg

New York, April 18 – Morton (SCIH Salt Holdings Inc.) held a lender call at 10:30 a.m. ET on Thursday to launch a $1,543,335,459 covenant-lite first-lien term loan B due March 2027 (B3/B) that is talked at SOFR plus 350 basis points to 375 bps with a 0.75% floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and 0 bps CSA, the source said.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.

Commitments/consents are due at 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to reprice an existing term loan B due March 2027.

Morton, formerly known as Kissner, is a Chicago-based salt producer.

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