Rain starts roadshow for $675 million equivalent multi-currency notes

By Paul A. Harris

Portland, Ore., Dec. 5 - Rain CII Carbon LLC and Rain CII Carbon Corp. began a roadshow in Europe on Wednesday for a $675 million equivalent offering of eight-year senior secured second-lien notes (expected ratings B1/BB-), according to a syndicate source.

The offering is comprised of tranches sized at $400 million and €210 million.

The European roadshow wraps up on Friday and will be followed by a Dec. 10 to Dec. 14 roadshow in the United States. The deal is set to price during the Dec. 10 week.

Citigroup Global Markets Inc. is the left bookrunner. Goldman Sachs & Co. is the joint bookrunner. Wells Fargo Securities LLC is the co-manager.

The Rule 144A and Regulation S for life notes become callable in three years at par plus 75% of the coupon.

The notes feature a three year 35% equity clawback and a 101% poison put.

The Kingwood, Texas-based calcined petroleum coke producer plans to use the proceeds to partially fund the acquisition of Rutgers NV and repay some existing debt.

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