Rentech Nitrogen Partners, L.P. Prices Initial Public Offering of Common Units
November 03 2011 - 5:51PM
Business Wire
Rentech Nitrogen Partners, L.P. (Rentech Nitrogen) announced
today the pricing of its initial public offering of 15,000,000
common units representing limited partner interests at $20 per
common unit. The common units are expected to begin trading on the
New York Stock Exchange on November 4, 2011 under the ticker symbol
“RNF.” In connection with the offering, Rentech Nitrogen has
granted the underwriters a 30-day option to purchase up to
2,250,000 additional common units from Rentech Nitrogen at the
initial public offering price, less underwriting discounts and
commissions. The offering is expected to close on or about November
9, 2011, subject to customary closing conditions.
Upon the closing of the offering, the public will own 39.2% of
the outstanding common units of Rentech Nitrogen, or 45.1% if the
underwriters exercise, in full, their option to purchase additional
common units. Rentech, Inc. (NYSE AMEX: RTK) will indirectly own
the remaining outstanding common units of Rentech Nitrogen and 100%
of the non-economic general partner interest in Rentech
Nitrogen.
Morgan Stanley & Co. LLC and Credit Suisse Securities (USA)
LLC are acting as joint book-running managers of the offering, with
Citigroup Global Markets Inc., RBC Capital Markets, LLC, Imperial
Capital, LLC, Brean Murray, Carret & Co., LLC, Dahlman Rose
& Company, LLC and Chardan Capital Markets, LLC acting as
co-managers.
The offering of these securities is being made only by means of
a prospectus, copies of which may be obtained from the offices
of:
Morgan Stanley & Co. LLC.180 Varick Street, 2nd FloorNew
York, New York 10014Attn: Prospectus DepartmentEmail:
prospectus@morganstanley.comTelephone: (866) 718-1649
Credit Suisse Securities (USA) LLCOne Madison AvenueNew York,
New York 10010Attn: Prospectus DepartmentTelephone: (800)
221-1037
A registration statement relating to the common units has been
filed with, and declared effective by, the Securities and Exchange
Commission. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy the common units, nor
shall there be any sale of the common units in any state in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state.
This news release contains forward-looking statements within the
meaning of the federal securities laws. These forward-looking
statements involve certain risks and uncertainties, including,
among others, risks impacting the ability of Rentech Nitrogen
Partners to complete any public offering of its securities because
of general market conditions or other factors.
About Rentech Nitrogen Partners, L.P.
Rentech Nitrogen was formed by Rentech, Inc. to own, operate and
expand its nitrogen fertilizer business. Upon completion of the
offering, Rentech Nitrogen’s assets will consist of a nitrogen
fertilizer facility located in East Dubuque, Illinois, which is
currently owned by Rentech Energy Midwest Corporation, another
wholly owned subsidiary of Rentech, Inc. The facility is located in
the Mid Corn Belt in the northwestern corner of Illinois, adjacent
to the Iowa and Wisconsin state lines, and produces primarily
anhydrous ammonia and urea ammonium nitrate solution, using natural
gas as its primary feedstock, for sale to customers in the Mid Corn
Belt.
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