Rain Commodities wholly owned step-down subsidiary, Rain CII Carbon LLC (Rain CII), USA, has concluded the acquisition of RUTGERS N.V. (RUTGERS), a Belgium headquartered Coal Tar Pitch (CTP) and Chemicals manufacturer, from funds advised by Triton (Triton), after receiving the necessary regulatory approvals. Rain CII has acquired 100% of the shares of RUTGERS pursuant to an agreement with Triton for gross enterprise value of 702 million euro plus certain contingent payments not exceeding 27 million euro during the next three years.
Rain CII funded the transaction through a combination of internal cash accruals and proceeds from the issuance of senior secured notes. Rain CII issued two tranches of senior secured notes with an 8-year tenure consisting of $400 million and 210 million euro denominated Notes. RUTGERS has achieved revenues of 877.40 million euro and reported EBITDA of 102.80 million euro for the last twelve months ended September 30, 2012.
Citigroup Global Markets Inc. acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Rain CII. Goldman Sachs AG is acted as financial advisor and Freshfields Bruckhaus Deringer LLP acted as legal advisor to Triton.
Rain Commodities is engaged in the business of manufacturing cement, Calcined Petroleum Coke (CPC) and power. The company is the largest producer of CPC with a production capacity of 2.49 million tonnes per annum (MTPA). Under the cement, the company has created brand namely Priya Cement.
| Company Name | CMP |
|---|---|
| Rain Industries | 124.00 |
| Agarwal Indl. Corp | 395.35 |
| TN Petro Products | 89.01 |
| Supreme Petrochem | 727.25 |
| Nexxus Petro Inds | 92.00 |
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