Rain Carbon’s tender offer for 7¼% notes oversubscribed at early date

By Wendy Van Sickle

Columbus, Ohio, Aug. 9 – Rain Carbon Inc. took in tenders of $490.7 million principal amount of notes by the early deadline of its cash tender offer for up to $480 million of its 7¼% senior secured notes due 2025 (Cusips: 75079RAC2, U74987AD7), according to a press release.

As reported on July 26, the company offered $1,000.70 for each $1,000 note, inclusive of a $30 early tender payment that will only be paid to noteholders who tendered by the early deadline, 5 p.m. ET on Aug. 9. Interest will also be paid to the settlement date.

The early tenders represented 92% of the outstanding notes, excluding the notes held by the company or its affiliate. At the outset of the offer, there was $550 million of the notes outstanding, including $20.2 million of notes held by the company or its affiliates.

Because the offer was oversubscribed at the early deadline, the company said the tenders will be subject to proration and no additional tenders will be accepted after the early deadline, although the offer officially expires at 5 p.m. ET on Aug. 23.

Early settlement is planned for within five business days of the early deadline.

There is a financing condition which must be satisfied.

Goldman Sachs & Co. LLC is the dealer manager (800 828-3182, 212 902-5962).

D.F. King & Co., Inc. is the information and tender agent for the offer (866 416-0577, 212 269-5550, raincarbon@dfking.com).

Rain Carbon is a Stamford, Conn.-based producer of a diversified portfolio of carbon-based and chemical products.

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