Rentech trims to $150 million, lifts talk to Libor plus 800-850 bps

By Sara Rosenberg

New York, May 20 - Rentech Energy Midwest Corp. reduced its six-year term loan to $150 million from $170 million and widened price talk to Libor plus 800 basis points to 850 bps from Libor plus 650 bps, according to a market source.

As before, the loan has a 1.5% Libor floor, call protection of 102 in year one and 101 in year two and an original issue discount of 98.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to refinance the company's 2010 senior secured credit facility and fund a dividend.

Rentech Energy is an East Dubuque, Ill.-based manufacturer and seller of nitrogen fertilizer products and is a subsidiary of Los Angeles-based Rentech Inc., a provider of clean energy services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.