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Rentech Nitrogen Revises Guidance

The table below reconciles forecasted EBITDA, Adjusted EBITDA and cash available for distribution to forecasted net income for the twelve months ending December 31, 2012. (Stated in thousands, except per unit data.)

          For the Twelve
Months Ending
December 31, 2012
Net income $ 99,400
Net interest expense 1,200
Loss on interest rate swaps 400
Loss on debt extinguishment 8,800
Depreciation and amortization 12,700
Other   700  
EBITDA $ 123,200
Plus acquisition related items:
Acquisition transaction costs 4,200
Change in accounting policies   2,300  
Adjusted EBITDA $ 129,700
Plus: Non-cash compensation expense 3,100
Less: Maintenance capital expenditures (9,200 )
Less: Net cash interest expense and debt service (2,100 )
Plus: Distribution of cash reserves for working capital 1   5,400  
Cash available for distribution $ 126,900  
Cash available for distribution, per unit $ 3.27  
Common units outstanding 2 38,800

1Approximately $3.8 million is expected to be distributed in the fourth quarter.

2Includes 538,793 units issued in connection with the acquisition of the Pasadena facility.


The table below reconciles the East Dubuque and Pasadena facilities’ 2012 forecasted EBITDA and Adjusted EBITDA to operating income for the periods presented. (Stated in thousands.)

East Dubuque Facility:
          For the Twelve
Months Ending
December 31,
Operating income $ 115,800
Plus: Depreciation and amortization   12,700
2012 estimated East Dubuque Facility EBITDA $ 128,500

Pasadena Facility:
For the Period
November 1,
2012 thru
December 31,
Operating income $ (6,200 )
Plus: Depreciation and amortization   800  
2012 estimated Pasadena Facility EBITDA $ (5,400 )
Plus acquisition related items:
Acquisition transaction costs 4,200
Change in accounting policies   2,300  
Adjusted 2012 estimated Pasadena Facility EBITDA $ 1,100

About Rentech Nitrogen, L.P.

Rentech Nitrogen ( was formed by Rentech, Inc. to own, operate and expand its nitrogen fertilizer business. Rentech Nitrogen’s assets consist of two fertilizer production facilities owned by its operating subsidiaries. Rentech Nitrogen’s East Dubuque facility is located in the northwestern corner of Illinois, and uses natural gas as a feedstock to produce primarily anhydrous ammonia and urea ammonium nitrate solution for sale to customers in the Mid Corn Belt. Rentech Nitrogen’s Pasadena facility is located in Pasadena, Texas along the Houston Ship Channel. Rentech Nitrogen’s Pasadena facility is the largest producer of synthetic granulated ammonium sulfate fertilizer in North America, with sales in the United States and South America. The Pasadena facility’s other products, which are sold domestically, include ammonium thiosulfate fertilizer and sulfuric acid. The facility uses ammonia and sulfur as its primary feedstocks.

Forward Looking Statements

This press release contains forward-looking statements about matters such as: the impact and duration of plant outages at the East Dubuque and Pasadena facilities; the magnitude of transaction costs and accounting changes relating to the Pasadena facility; the timing of completion of the urea and ammonia capacity expansions; and forecasted financial information for 2012 and 2013. These statements are based on management’s current expectations and actual results may differ materially as a result of various risks and uncertainties. Other factors that could cause actual results to differ from those reflected in the forward-looking statements are set forth in Rentech Nitrogen’s prior press releases and periodic public filings with the Securities and Exchange Commission, which are available via Rentech Nitrogen’s website at The forward-looking statements in this press release are made as of the date of this press release and Rentech Nitrogen does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law.

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