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Rain CII investors tender $219.08 million of 11 1/8% notes due 2015
By Devika Patel
Knoxville, Tenn., Dec. 14 - Rain CII Carbon LLC said investors tendered $219,075,000, or 93.22%, of the company's $235 million 11 1/8% senior subordinated notes due 2015 issued with CII Carbon Corp. The notes were surrendered as part of an offer that launched on Nov. 12 and expired at midnight ET on Dec. 13.
Rain CII said it purchased all tendered notes.
The company will pay $1,105 for each $1,000 of notes tendered. This includes $30 for each note tendered by the consent deadline of 5 p.m. ET on Nov. 23. Rain CII Carbon will also pay accrued interest.
The consent solicitation required the receipt of consents from holders of a majority of the notes by the consent deadline.
Holders had tendered $126,623,000, or 53.88%, of the notes as of the consent deadline and, as a result, the company previously said it had the needed consents to amend the notes. In its latest announcement, Rain CII said the amendments have become effective and operative.
The amendments will eliminate substantially all of the restrictive covenants, some affirmative covenants, some events of default, some conditions to legal defeasance or covenant defeasance and all of the restrictions on the ability of Rain CII Carbon, its affiliate Rain CII Carbon (India) Ltd. and their subsidiaries to place a private issue of debt needed to fund the tender. They will also waive any and all defaults resulting from the debt placement.
The dealer managers and solicitation agents were Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and Goldman Sachs & Co. (800 828-3182 or 212 902-5183). The information agent was Global Bondholder Services Corp. (212 430-3774 for banks and brokers; noteholders call 866 488-1500).
Rain CII Carbon, formerly known as CII Carbon, LLC, is a Kingwood, Texas-based producer of calcined petroleum coke, which is used in the aluminum smelting process and the production of titanium dioxide.
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