Rain CII talks $400 million eight-year secured notes at 7¾%-8% yield

By Paul A. Harris

St. Louis, Nov. 22 - Rain CII Carbon LLC and CII Carbon Corp. talked their $400 million offering of eight-year senior secured notes (B1/BB-) with a 7¾% to 8% yield on Monday, according to an informed source.

The notes are expected to price Tuesday morning.

Citigroup Global Markets Inc. is the left bookrunner for the Rule 144A for life deal. Goldman Sachs & Co. and Jefferies & Co. are the joint bookrunners.

The notes come with four years of call protection, have a three-year 35% equity clawback and have a 101% poison put.

Proceeds will be used to repay debt.

Rain CII Carbon is a Kingwood, Texas-based calcined petroleum coke producer.

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