Rain CII Carbon LLC of the US has completed the previously-announced acquisition of the Belgium-based coal tar pitch manufacturer, Rutgers NV.
The transaction was funded through a combination of internal cash accruals and proceeds from the issue of senior secured notes.
Rain CII, a wholly-owned subsidiary of the Hyderabad-based Rain Commodities Ltd, had issued two tranches of senior secured notes with eight-year tenure, consisting of $400 million and €210 million.
The company had acquired 100 per cent of shares of Rutgers as part of an agreement with Triton for a gross enterprise value of €702 million besides some contingent payments not exceeding €27 million during the next three years. Triton is an investment firm having portfolios of over 20 companies.
“Adding Rutgers to Rain CII’s operation diversifies and expands our product portfolio and our base of operations geographically,” Gerry Sweeney, President and Chief Executive Officer of Rain CII, said in a release.
Rutgers posted revenues of €877 million for the last 12 months ended September 30, 2012.
Rain Commodities, along with subsidiaries, is engaged in production and sale of calcinated petroleum coke, cement, co-generation of energy and trading of fuel grade green petroleum coke.