Rentech, Inc. (NYSE AMEX: RTK) today announced that Rentech Nitrogen Partners, L.P. (NYSE: RNF) has terminated, and repaid outstanding borrowings under, the bridge loan Rentech provided to Rentech Nitrogen for interim funding of the ammonia capacity and storage expansion project underway at its fertilizer facility. The bridge loan was repaid from the proceeds of a $100 million syndicated term loan arranged to finance the entire cost of the project.
Rentech Nitrogen had borrowed a total of $5.86 million under the bridge loan facility, and these amounts, with associated accrued and unpaid interest, were repaid in full from borrowings under the syndicated term loan recently secured by Rentech Nitrogen.
Rentech’s wholly owned indirect subsidiary is the non-economic general partner of Rentech Nitrogen, and Rentech indirectly owns the majority of the common units representing limited partnership interests in Rentech Nitrogen.
About Rentech, Inc.Rentech, Inc. ( www.rentechinc.com) owns and develops technologies that enable the production of certified synthetic fuels and renewable power when integrated with certain other third-party technologies. The Company’s clean energy technology portfolio includes the Rentech-SilvaGas biomass gasification technology and the Rentech-ClearFuels biomass gasification technology, both of which can produce synthesis gas from biomass and waste materials for production of renewable power and fuels. The Rentech-ClearFuels Gasifier can also produce renewable hydrogen as a product. Rentech also owns the patented Rentech Process which is based on Fischer-Tropsch chemistry. The Rentech Process can convert syngas from the Company’s own or other gasification technologies into complex hydrocarbons that then can be upgraded into fuels or chemicals using refining technology that we license. Rentech also owns, through its wholly owned subsidiaries, the general partner interest and approximately 61% of the common units representing limited partner interests in Rentech Nitrogen Partners, L.P. ( www.rentechnitrogen.com), a publicly traded limited partnership. Rentech Nitrogen Partners, L.P. manufactures and sells nitrogen fertilizer products including ammonia, urea ammonia nitrate, granular urea and urea liquor in the Mid Corn Belt region of the United States.
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