Rentech restates agreement for $53.25 million term loan due 2019

By Marisa Wong

Morgantown, W.Va., April 7 – Rentech, Inc.’s indirect wholly owned subsidiary, Rentech Nitrogen Holdings, Inc., entered into a second amended and restated term loan credit agreement with Credit Suisse AG, Cayman Islands Branch as administrative agent on April 1. The credit agreement consists of a $53.25 million term loan that matures on April 9, 2019.

The restated single tranche of term loans is made up of $45 million of tranche B loans borrowed under the prior credit agreement and $8.25 million of tranche A loans borrowed under the prior credit agreement and rolled over into the tranche B loans, according to an 8-K filing with the Securities and Exchange Commission.

The borrowings bear interest at Libor plus 700 basis points, subject to a 1% Libor floor.

The company also repaid about $42 million of term debt in exchange for approximately 5.4 million common units of CVR Partners, LP on April 1, according to the filing.

The amended credit agreement is secured by a lien on substantially all of the Rentech’s tangible and intangible property and by 7,179,996 CVR common units owned by Rentech Nitrogen.

Los Angeles-based Rentech owns and operates wood fiber processing, wood pellet production and nitrogen fertilizer manufacturing businesses.

© 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.