Rain Carbon allocates €390 million seven-year term loan B

By Sara Rosenberg

New York, Dec. 11 – Rain Carbon Inc. allocated its €390 million seven-year senior secured term loan B (BB) that is priced at Euribor plus 300 basis points with a 0% floor, according to a news release.

Along with the term loan B, the company is getting a $150 million undrawn five-year senior secured revolving credit facility (BB) priced at Libor plus 250 bps with a 0% Libor floor.

Proceeds will be used with cash on hand to redeem Rain CII Carbon LLC’s outstanding 8¼% U.S. dollar-denominated senior secured notes due 2021 and 8½% euro-denominated senior secured notes due 2021, and for working capital needs and other corporate purposes.

Closing is expected on Jan. 16.

Rain Carbon is a Stamford, Conn.-based producer of a diversified portfolio of carbon-based and chemical products.

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