Corporate News     05-Jan-13
Rain Commodities' arm completes the acquisition of Belgium's Rutgers
From funds managed by Triton after receiving the necessary regulatory approvals
Rain CII Carbon LLC (Rain CII), USA, a wholly owned step-down subsidiary of Rain Commodities has completed the previous announced acquisition of Rutgers N.V., a Belgium headquartered Coal Tar Pitch (CTP) and chemicals manufacturer, from funds managed by Triton, after receiving the necessary regulatory approvals. Rain CII acquired 100% of the shares of Rutgers pursuant to an agreement with Triton for a gross enterprise value of €702 million plus certain contingent payments not exceeding €27 million during the next three years. Rutgers has achieved revenues of €877.4 million and reported EBITDA of €102.8 million for the last twelve months ended 30 September 2012.

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 US$ 400 million of US dollar and €210 million of euro denominated notes.

The company made this announcement on 05 January 2013.

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