New Issue: Rentech Nitrogen prices $320 million secured notes at par to yield 6½%

By Paul A. Harris

Portland, Ore., April 9 - Rentech Nitrogen Partners, LP and Rentech Nitrogen Finance Corp. priced a $320 million issue of eight-year second lien senior secured notes (B1/B) at par to yield 6½% on Tuesday, according to a syndicate source.

The yield printed at the tight end of the 6½% to 6¾% yield talk.

Credit Suisse Securities (USA) LLC, BMO Capital Markets Corp., Morgan Stanley & Co. LLC and RBC Capital Markets LLC were the joint bookrunners.

The proceeds will be used to refinance debt and fund future capital expenditures.

Rentech is a Los Angeles-based provider of clean energy services and nitrogen fertilizer.

Issuer: Rentech Nitrogen Partners, LP and Rentech Nitrogen Finance Corp.

Amount:	$320 million
Maturity:	April 15, 2021
Securities:	Second lien senior secured notes
Bookrunners:	Credit Suisse Securities (USA) LLC, BMO Capital Markets Corp., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC
Co-managers:	Feltl and Co., Inc., Imperial Capital LLC
Coupon:	6½%
Price:	Par
Yield:	6½%
Call features:	Make-whole call at Treasuries plus 50 bps until April 15, 2016, then callable at 104.875, 103.25, 101.625, par on and after April 15, 2019
Equity clawback:	35% at 106.50 until April 15, 2016
Investor put:	101% upon change of control
Trade date:	April 9
Settlement date:	April 12
Ratings:	Moody's: B1
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	6½% to 6¾%
Marketing:	Roadshow

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