Rentech Receives $136.8 Million in Connection with Closing of Rentech Nitrogen Initial Public Offering
November 09 2011 - 11:51AM
Business Wire
Rentech, Inc. (NYSE AMEX:RTK) announced today that it has
received $136.8 million in connection with the closing of the
initial public offering of 15,000,000 common units representing
limited partner interests in Rentech Nitrogen Partners, L.P.
(NYSE:RNF).
Rentech now indirectly owns approximately 60.8% of the
outstanding common units of Rentech Nitrogen and 100% of the
non-economic general partner interest in Rentech Nitrogen.
Rentech would receive up to an additional $41.9 million if the
underwriters of the initial public offering exercise the option to
purchase up to 2,250,000 additional common units of Rentech
Nitrogen at the public offering price within 30 days after November
3, 2011.
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.
About Rentech, Inc.
Rentech, Inc., incorporated in 1981, provides clean energy
solutions. The Company's Rentech-SilvaGas and Rentech-ClearFuels
biomass gasification processes can convert multiple cellulosic
biomass feedstocks into synthesis gas (syngas) for production of
renewable fuels and power. Combining the gasification processes
with Rentech's unique application of syngas conditioning and
clean-up technology and the patented Rentech Process based on
Fischer-Tropsch chemistry, Rentech offers an integrated solution
for production of synthetic fuels from cellulosic biomass. The
Rentech Process can also convert syngas from fossil resources into
ultra-clean synthetic jet and diesel fuels, specialty waxes, and
chemicals. Final product upgrading and acid gas removal
technologies are provided under an alliance with UOP, a Honeywell
company. Rentech develops projects and offers licenses for these
technologies for application in synthetic fuels and power
facilities worldwide. Rentech, Inc. owns a majority interest and
serves as general partner of Rentech Nitrogen Partners, L.P., a
nitrogen fertilizer limited partnership. Rentech Nitrogen Partners,
L.P. manufactures and sells nitrogen fertilizer products including
ammonia, urea ammonia nitrate, urea granule and urea solution in
the Mid Corn Belt region of the United States.
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