About Rentech Nitrogen, L.P.Rentech Nitrogen ( www.rentechnitrogen.com) 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. The East Dubuque facility is located in the northwestern corner of Illinois, and uses natural gas as a feedstock to produce primarily anhydrous ammonia and UAN solution for sale to customers in the Mid Corn Belt. The Pasadena facility is located in Pasadena, Texas, along the Houston Ship Channel; it uses ammonia and sulfur as feedstocks to produce ammonium sulfate and ammonium thiosulfate fertilizers, and sulfuric acid. Rentech Nitrogen is the largest producer of synthetic granulated ammonium sulfate fertilizer in North America, with sales in the United States and internationally. Forward-Looking Statements This press release contains forward-looking statements about matters such as our estimated cash available for distribution for the fourth quarter and full year of 2015 and the partnership's expectations for the first quarter of 2016. These statements are based on management's current expectations. 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 on Rentech Nitrogen's website at www.rentechnitrogen.com. The forward-looking statements in this press release are made as of the date of this press release. 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.
Rentech Nitrogen Partners, L.P. (NYSE: RNF) announced today that its Board of Directors has declared a cash distribution of $0.10 per common unit for the fourth quarter of 2015, payable on February 29, 2016 to holders of record as of February 25, 2016. This distribution will bring cumulative cash distributions for the twelve months ended December 31, 2015 to $1.71 per unit. The partnership's fourth quarter distribution was reduced by approximately $0.09 per unit, or $3.4 million, of cash reserves held for working capital and by approximately $0.03 per unit, or $1.1 million, in transaction costs. Revenues for the quarter were lower than expectations due to limited spot ammonia sales as a result of a wet fall followed by cold temperatures and snow that abbreviated the fall ammonia application season. In addition, prepaid UAN deliveries were lower than expected for the quarter. As a result, the partnership expects higher than budgeted deliveries of these two products in the first quarter of 2016 because it anticipates selling the majority of the ammonia tons that carried over from the fourth quarter and delivering the unshipped prepaid UAN tons. The partnership will discuss its results for the fourth quarter and full year at 7:00 am PDT on March 16, 2016. Callers may listen to the live presentation, which will be followed by a question and answer segment, by dialing (800) 774-6070 or (630) 691-2753 and the pass code 9941850#. An audio webcast of the call will be available at www.rentechnitrogen.com within the Investor Relations portion of the site under the Presentations section. A replay will be available by audio webcast and teleconference from 9:30 a.m. PDT on March 16 through 11:59 p.m. PDT on March 23. The replay teleconference will be available by dialing (888) 843-7419 or (630) 652-3042 and the passcode 9941850#. Qualified Notice to Nominees and Brokers This release is intended to serve as a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100 percent of Rentech Nitrogen's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, Rentech Nitrogen's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.