New Issue: Salt Holdings 10-year notes now $66.7 million proceeds

By Paul A. Harris

St. Louis, Dec. 16 - Revised terms emerged Monday on Salt Holdings Corp.'s new zero-coupon 10-year senior discount notes (B). The company priced $123.5 million face amount, according to a syndicate source, who added that the deal nets the company $66.68 million in proceeds.

The notes priced Friday at 53.995.

Credit Suisse First Boston was bookrunner. JP Morgan was co-manager.

Proceeds will be used to redeem preferred stock.

The issuer, a holding company of Compass Minerals, produces and markets salt and sulfur potash, and is headquartered in Overland Park, Kan.

Issuer:	Salt Holdings Corp, Inc.
Amount:	$123.5 million ($66,683,825.00 proceeds)
Maturity:	Dec. 15, 2012
Security Description:	Senior discount notes
Managers:	Credit Suisse First Boston (books) JP Morgan (co-lead)
Co-manager:	Deutsche Bank Securities
Coupon:	0% for five years, then 12¾%
Price:	53.995
Yield:	12¾%
Spread:	868 basis points over 4% Treasury due November 2012
Pricing date:	Dec. 13
Settlement:	Dec. 20 (T+5)
Call:	Dec. 15, 2007 at 106.375, then at 104.250, 102.125 declining to par on Dec. 15, 2010 and thereafter
Equity clawback:	For 35% at 112.75 until Dec. 15, 2005
Ratings:	Moody's: NR
	S&P: B
Cusip:	795559AA1

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