US Rentech Nitrogen files for initial public offering

05 August 2011 15:23  [Source: ICIS news]

HOUSTON (ICIS)--Rentech Nitrogen Partners has filed a registration statement with US regulators for an initial public offering, it said on Friday.

Rentech Nitrogen, which is a wholly-owned subsidiary of energy technology firm Rentech, said its stock would be listed under the ticker symbol “RNF” on the New York Stock Exchange.

It did not disclose how much money it expects to raise or how many shares it will be offering.

On completion of the offering, Rentech Nitrogen will own and operate a nitrogen fertilizer plant in a corn region in East Dubuque, Illinois, in the US.

The plant produces primarily anhydrous ammonia and urea ammonium nitrate (UAN) solution, using natural gas as its primary feedstock.

In its statement with the US Securities and Exchange Commission, Rentech said the plant produced 267,000 tonnes of ammonia and 287,000 tonnes of UAN in the fiscal year ended 30 September 2010.

Rentech had bought the plant from Canada-based agribusiness firm Agrium in 2006.

In the six months ended 31 March 2011, Rentech Nitrogen had sales of $67m (€48m) and net income of $7.5m, according to the statement.

($1 = €0.71)

By: Stefan Baumgarten
+1 713 525 2653

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