Rentech Nitrogen plans $300 million amended and restated facility

By Sara Rosenberg

New York, Nov. 1 - Rentech Nitrogen Partners LP has received commitments from new and existing lenders for a $300 million five-year amended and restated senior secured credit facility that is expected to be priced at Libor plus 375 basis points, according to a company presentation.

GE Capital Markets is the lead arranger and bookrunner on the deal.

Proceeds will be used to fund the $158 million acquisition of Agrifos LLC, the owner and operator of a plant in Pasadena, Texas, that produces primarily ammonium sulfate fertilizer. The purchase price is comprised of $138 million of cash and $20 million of common units.

The credit facility consists of a new $155 million term loan with amortization of 5% per annum, an existing $100 million multiple draw term loan for the ammonia and storage expansion project at East Dubuque, a $10 million capex facility for the Agrifos project and an existing $35 million revolver.

Included in the facility is a $35 million accordion feature.

Closing is expected within one week, subject to customary conditions.

Rentech Nitrogen is nitrogen fertilizer company.

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