Rain Carbon starts roadshow for $450 million six-year secured notes; pricing July 31 week

By Paul A. Harris

Portland, Ore., July 26 – Rain Carbon Inc. began a virtual roadshow on Wednesday for a $450 million offering of second-lien senior secured notes due August 2029 (B3/B), according to market sources.

The Rule 144A and Regulation S for life deal officially kicks off on an investor conference call scheduled to begin at noon ET on Wednesday and is set to price in the week ahead.

The six-year notes become subject to a first call in 2.5 years at par plus 50% of the coupon.

Goldman Sachs & Co. LLC is the left bookrunner. BofA Securities Inc., Deutsche Bank Securities Inc. and Mizuho Securities USA Inc. are the joint bookrunners.

The Stamford, Conn.-based producer of carbon-based and chemical products plans to use the proceeds plus cash on hand to fund the tender offer for the Rain CII Carbon LLC/CII Carbon Corp. 7¼% senior secured second-lien notes due April 2025, and to redeem those notes not tendered for, up to the maximum amount of the offer.

The company anticipates that following these transactions $49.8 million of the 2025 notes will remain outstanding.

© 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.