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Rentech Announces $150 Million Investment from Blackstone’s GSO
Capital Partners and Settlement Agreement with Concerned Rentech
Shareholders
GSO Investment to fund near-term growth opportunities in wood
fibre processing business
Settlement with Concerned Rentech Shareholders includes board
representation and a newly formed board-level Finance Committee that
will approve capital expenditures and review Rentech’s cost structure
and executive compensation
Funds investments to execute strategy for wood fibre business, and
repays and terminates margin loan facility
Rentech to add three new directors who bring shareholder
representation and expertise in capital allocation and wood fibre
LOS ANGELES--(BUSINESS WIRE)--Rentech, Inc. (NASDAQ: RTK) today announced that GSO Capital Partners LP
(GSO), the credit investment arm of Blackstone, will invest $150 million
in Rentech in the form of $100 million of convertible preferred stock
and a $50 million term loan. The transactions closed on April 9, 2014.
In connection with this investment, Blackstone/GSO appointed two members
to Rentech’s Board of Directors: Douglas Ostrover, a senior managing
director of Blackstone and co-founder of GSO Capital Partners, and
Patrick Moore, the former chairman and chief executive officer of
Smurfit-Stone Container Corporation, a paper-based packaging company
with significant wood fibre operations. Rentech also announced a
settlement with Concerned Rentech Shareholders (CRS), whereby CRS will
approve an additional member to join Rentech’s Board of Directors and
the board’s newly formed Finance Committee. A slide presentation
regarding today's announcements appears on Rentech’s website, www.rentechinc.com.