Kissner completes $400M notes offering

On November 18, 2016, Kissner Holdings LP (“Kissner”) and its affiliates completed a cross-border Rule 144A/Regulation S offering of $400 million aggregate principal amount of 8.375 per cent senior secured notes due 2022 and entered into a new cross-border asset-based revolving credit facility. Net proceeds of the notes offering and credit facility were applied to redeem existing notes and refinance certain other outstanding indebtedness and to return capital to Kissner’s equity holders.
The notes offering was completed by Jefferies LLC as sole book-running manager.

Headquartered in Overland Park, Kansas, Kissner is a leading, vertically integrated producer of bulk rock salt and packaged specialty de-icing products focused on governmental and commercial customers in the Great Lakes, Great Plains and Midwest and East Coast regions of the United States and Canada. Kissner owns and operates two rock salt mines located in Detroit, Michigan and Lyons, Kansas. The company, which was established more than 130 years ago, is highly differentiated in its industry and one of the most cost-competitive producers and distributors across its markets.

Kissner is owned by Metalmark Capital and Silvertree, a joint venture between Silverhawk Capital Partners and Demetree Salt, LLC, and certain members of the Kissner management team.
Kissner was represented by its in-house legal team led by John Cox, Senior Vice President, Chief Administrative Officer & General Counsel. Bennett Jones LLP acted as Canadian legal counsel to Kissner with a team led by John Mercury and James McClary and including Will Osler, Paul Barbeau, Steve Gow and Jordan Primeau (capital markets and M&A), Darcy Moch and Marshall Haughey (tax), Karen Dawson and Noriko Shimura (banking) and Carl Cunningham (employment).

Davis Polk & Wardwell LLP acted as US legal counsel to Kissner with a team led by John Meade and Derek Dostal and including Joseph Payne, Eugene Baek (capital markets), Joseph Hadley, Hilary Dengel, Mayer Steinman (credit), Kathleen Ferrell (tax), Betty Huber (environmental) and Susan Kennedy (real estate).

White & Case LLP acted as US legal counsel to Jefferies LLC with a team led by Jonathan Michels and including Roseanne Kross, Emily Donohoe and Matthew Jewitt (capital markets), Ray Simon and Jake Jung (tax), Sylvia Chin and Kenneth Suh (secured lending), Julia Rubin (real estate), Seth Kerschner (environmental), Robin Heszkel (employment), Rebecca Campbell and Andrzej Omietanski (mining) and Amy Bagdasarian (intellectual property).

McCarthy Tétrault LLP acted as Canadian legal counsel to Jefferies LLC with a team led by Andrew Parker (capital markets) and that included Richard Higa and Ian Mak (financial services), Ryan Hornby and Suraj Rammohan (corporate), Heather Meredith (restructuring), Pat McCay and Ryan Walker (tax).