RENTECH INC...cleveres Mädchen

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Dubuque, IL facility restarts after fire as expected
Global Credit Research - 08 Jan 2014
New York, January 08, 2014 -- Moody's: Rentech Nitrogen announced the completion of all repairs related to the Nov. 29, 2013 fire. Providing the company can complete previously scheduled repairs and sustain production near nameplate capacity, there should only be modest impact on the company's financial performance and no impact on its rating or outlook.

For further information, please see the issuer comment for Rentech Nitrogen Partners LP on www.moodys.com.

Rentech Nitrogen, a Delaware Limited Partnership has operations in East Dubuque, IL and Pasadena, TX for the production of nitrogen fertilizer products and granulated ammonia sulfate, respectively. The partnership is 60% owned by Rentech, Inc. and had revenues and Adjusted EBITDA for the LTM ending September 30, 2013 of $349 million and $101 million, respectively (the Pasadena facility was acquired on November 1, 2012). Adjusted figures are calculated using Moody's Standard Accounting Adjustments.

Lori Harris
Analyst
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Brian Oak
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653


© 2014 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_290220  

Reconstitute Rentech’s Board
Discloses Letter to the Board Highlighting Continued Missteps and Lapses in Oversight
Announces Formal Nominations of Four Independent, Highly-Qualified Director Candidates for Election at Rentech’s Upcoming Annual Meeting
Business WireEngaged Capital, LLC and Lone Star Value Management, LLC
January 13, 2014 8:30 AM

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--

Concerned Rentech Shareholders (“Concerned Rentech Shareholders”), a group led by Engaged Capital, LLC and Lone Star Value Management, LLC, together one of the largest stockholders of Rentech, Inc. (“RTK” or the “Company”) (RTK) with aggregate ownership of approximately 4.6% of the outstanding shares of RTK, today announced it has submitted formal nominations of four independent, highly-qualified candidates for election to the Board of Directors of RTK (the “Board”) at the upcoming 2014 annual meeting of RTK’s stockholders (the “2014 Annual Meeting”).

In a letter accompanying the nomination notice, Concerned Rentech Shareholders highlighted its frustration at the continued destruction of shareholder value at RTK and the persistent missteps and lapses in oversight that have caused the group to lose confidence in the current Board’s ability to effectively oversee RTK. Concerned Rentech Shareholders concluded that immediate Board reconstitution, including through direct shareholder representation, is needed to ensure that all decisions place the best interests of RTK’s shareholders first and foremost.

On December 27, 2013, Concerned Rentech Shareholders submitted to the Board a formal request for exemption under the Company’s Tax Benefit Preservation Plan (the “Rights Plan”) to allow the group to acquire beneficial ownership in the aggregate of up to 7% of the outstanding shares of RTK’s stock. To date, the Board has not responded to this request. The Rights Plan prohibits any RTK shareholder or group of shareholders from acquiring in excess of 5% of the Company’s outstanding stock except in certain limited circumstances.

Glenn Welling of Engaged Capital and Jeff Eberwein of Lone Star Value commented: “Our decision to nominate four candidates for election at the 2014 Annual Meeting follows over a year of failed discussions with the Company in which our constructive suggestions were ignored and value destruction persisted. We believe it is imperative to inject an independent, fresh perspective in the boardroom in order to foster management accountability, instill capital discipline, and protect the interests’ of RTK’s shareholders.”

The full text of the letter Concerned Rentech Shareholders delivered to the Board follows:

December 27, 2013

Board of Directors
Rentech, Inc.
10877 Wilshire Boulevard
Suite 600
Los Angeles, CA 90024

Gentlemen:

Engaged Capital, LLC (“Engaged Capital”), together with its affiliates and Lone Star Value Management, LLC, together with its affiliates (“Lone Star Value”), collectively, the Concerned Rentech Shareholders (“Concerned Rentech Shareholders”), currently own approximately 4.6% of the outstanding shares of common stock of Rentech, Inc. (“RTK” or the “Company”), making us one of the Company’s largest shareholders. As we recently discussed with the Company’s Chairman Hal Washburn and his fellow director Michael Burke, we believe the Company’s track record of poor capital allocation, spendthrift expense management, and imprudent risk taking has led to a significant destruction of shareholder value. As a result, Concerned Rentech Shareholders have lost confidence in the ability of the current Board of Directors (the “Board”) to effectively oversee the Company. We believe immediate reconstitution of the Board, including through direct shareholder representation, is needed to ensure all future decisions place the interests of shareholders first and foremost.

We believe RTK’s valuation has been and is continuing to be significantly compromised by poor investment and operating decisions which have served to benefit management at the expense of shareholders. In our view, the only reasonable conclusion shareholders can draw from the Company’s continued missteps is that there is a lack of proper oversight by the current Board. The most egregious of these missteps include:

Failed Alternative Energy Business – Nearly half a billion dollars of shareholder capital was spent over the past seven years on a venture which failed to generate any revenue, much less profits.
Agrifos: Overpaid and Under-delivered – After spending $158 million on a fertilizer plant with no real operating history, the Company wrote down the value of the asset by $30 million within a year of completing the transaction. It seems clear to us this failure was the result of insufficient due diligence and a lack of operating expertise at the senior management level.
Wood Pellet Projects: High Risk, Capital Intensive Investments – The Board has now approved expenditures with a total value of around $100 million in a business where RTK has no institutional expertise. Furthermore, we believe the original returns outlined and publicly communicated by management last May were knowingly overstated as they were calculated without the business development overhead management knew would be required to grow the business.
Wood Pellet Financing: Encumbering Our Most Valuable Asset on a High Risk Venture – After failing to secure support from our experienced joint venture partner, Graanul Invest AS (“Graanul”), the Board approved using RTK’s most valuable asset, RNF shares, as collateral in order to finance RTK’s significantly increased capital investment. We fail to see how mortgaging our most profitable asset to invest in an unproven, high risk venture where RTK has no institutional expertise is a wise use of shareholder capital.
Corporate Overhead Structure Built For a Business Seven Times RTK’s Size – The Company maintains a corporate structure that costs shareholders over $25 million a year for 65 people, or stated otherwise, around $400,000 per employee. This structure supports a revenue base of approximately $95 million today. This unjustifiably high cost structure has persisted for years and represents an egregious waste of shareholder capital and a clear sign of significant lack of Board oversight.
In order to improve the fiduciary oversight at RTK and ensure that the shareholders’ best interests are protected, Concerned Rentech Shareholders are delivering today formal nominations of four highly qualified candidates for election to the Board at the 2014 annual meeting of RTK’s shareholders (the “2014 Annual Meeting”). We firmly believe our nominees will bring a much needed independent perspective into the boardroom and a wealth of experience in working cooperatively with public company directors and management teams to develop strategies aimed at maximizing shareholder value.

Concerned Rentech Shareholders’ nominees include:

Jeffrey J. Brown, age 52, is the Chief Executive Officer and founding member of Brown Equity Partners, LLC (“BEP”), which provides capital to management teams and companies needing equity. Prior to founding BEP in January 2007, Mr. Brown served as a founding partner and primary deal originator of the venture capital and private equity firm Forrest Binkley & Brown (“FBB”) from 1993 to January 2007. Prior to founding FBB, Mr. Brown served as a Senior Vice President of Bank America Venture Capital Group from 1990 to 1993 and as a Senior Vice President of Security Pacific Capital Corporation from 1987 to 1990. Mr. Brown also worked at the preferred stock desk of Morgan Stanley & Co. (MS) in 1986 and as a software engineer at Hughes Aircraft Company from 1983 to 1985. Since 2012, Mr. Brown has served on the board of directors of Nordion Inc. (NDZ) where he is a member of each of the EHS/Governance and Finance/Audit Committees. From September 2009 until resigning in October 2011, Mr. Brown served as a director of Steadfast Income REIT, Inc. Mr. Brown received a Bachelor of Science in Mathematics, Summa Cum Laude, from Willamette University and a Master of Business Administration from the Stanford University Graduate School of Business. In his 27 years of venture capital and private equity experience, Mr. Brown has served on the board of directors of approximately 40 public and private companies, including as the chairman of 10 such boards, and has served as the chair of audit, compensation, finance and other special board committees of such boards. Mr. Brown’s extensive public and private company board experience and investment and transaction experience will make him a valuable addition to the Board.

Jeffrey E. Eberwein, age 43, is the founder and Chief Executive Officer of Lone Star Value Management, an investment firm. Prior to founding Lone Star Value Management in January 2013, Mr. Eberwein was a private investor from December 2011 to December 2012. He was a portfolio manager at Soros Fund Management, from January 2009 to December 2011, and Viking Global Investors, from March 2005 to September 2008. Mr. Eberwein has been a director of Aetrium Incorporated (ATRM) since January 2013 and is currently the Chairman of the Board and a member of its Audit and Compensation Committees. Mr. Eberwein is also the Chairman of the Board of each of Digirad Corporation (DRAD) (“Digirad”) and Crossroads Systems, Inc. (CRDS) (“Crossroad Systems”), and also is a member of the Compensation, Corporate Governance and Strategic Advisory Committees of Digirad. He has also been a director of NTS, Inc. (NTS) (“NTS”) since December 20, 2012 and On Track Innovations Ltd. (NADAQ:OTIV) (“On Track Innovations”) since December 30, 2012. Mr. Eberwein serves on the Corporate Governance / Nominating, Compensation and Special Committees of NTS, the Audit and Compensation Committees of On Track Innovations, and is the Chairman of the Audit Committee and a member of the Compensation and Corporate Governance Committee of Crossroads Systems. Mr. Eberwein served as a director of Goldfield Corporation from May 2012 to May 2013. Mr. Eberwein is also the treasurer and serves on the Executive Committee of the Board of Hope for New York, a 501(c)(3) organization dedicated to serving the poor in New York City. Mr. Eberwein earned an MBA from The Wharton School, University of Pennsylvania and a BBA with high honors from The University of Texas at Austin. Mr. Eberwein’s over twenty years of Wall Street experience and valuable public company and financial expertise, gained from both his employment history and directorships, will enable him to provide effective oversight of the Company as a member of the Board.

Larry Holley, age 65, is currently the President and Chief Operating Officer of The CBM Group, LLC (“CBM”). Mr. Holley formed CBM in February 2006 primarily as a consulting vehicle to engage with private equity in company valuations in the fertilizer sector. Mr. Holley was most recently the President and General Manager of Noranda Alumina LLC where he managed an alumina refinery in Louisiana and a bauxite mining operation in Jamaica, from May 2008 to December 2009. Prior to that, Mr. Holley was Senior Vice President and Chief Operating Officer of Mississippi Chemical Corporation (“MCC”) where he was employed from November 1974 until January 2005. While at MCC, Mr. Holley served in many management capacities across the corporation including engineering, energy acquisition, procurement and production. While at MCC, Mr. Holley served as President of Nitrogen Production from July 1997 until December 2003, excluding a two year period from November 1998 to November 2000 when he was seconded to MCC’s joint venture operations in Trinidad, West Indies as President of FarmlandMissChem Ltd. In December 2003, Mr. Holley was promoted to Senior Vice President and Chief Operating Officer of MCC to take full charge of company operating activities. MCC successfully emerged from bankruptcy in December 2004 and was purchased by Terra Industries Inc. Mr. Holley is a past member of the board and executive committee of The Fertilizer Institute. Mr. Holley received his Bachelor of Science in Electrical Engineering from Mississippi State University. Mr. Holley’s over 35 years of experience in the fertilizer, chemical and mining industries will make him a valuable addition to the Board.

Glenn W. Welling, age 43, is the Founder and Chief Investment Officer of Engaged Capital, a California based activist investment firm and registered advisor with the SEC focused on investing in small and mid-cap North American equities. Prior to founding Engaged Capital in February 2012, Mr. Welling was Principal and Managing Director at Relational Investors LLC (“Relational”), a $6 billion activist equity fund and registered investment adviser with the SEC, from June 2008 to October 2011 and served as its consultant from October 2011 until April 2012. Mr. Welling managed Relational’s consumer, healthcare and utility investments and was responsible for investment selection, strategic development and catalyzing change at Relational’s portfolio companies. Prior to Relational, Mr. Welling was a Managing Director at Credit Suisse Group AG (“Credit Suisse”) (CS), a leading global financial services company, where he was the Global Head of the Investment Banking Department's Advisory Businesses, which included The Buy-Side Insights (HOLT) Group, Financial Strategy Group and Ratings Advisory Group. Mr. Welling served in such capacities at Credit Suisse from February 2002 to May 2008. Previously, Mr. Welling served as Partner and Managing Director of HOLT Value Associates L.P. (“HOLT”), a then leading provider of independent research and valuation services to asset managers, from October 1999 until January 2002 when HOLT was acquired by Credit Suisse. Prior to HOLT, he was the Managing Director of Valuad U.S., a financial software and training company, and senior manager at A.T. Kearney, one of the world’s largest global management consulting firms. Mr. Welling also teaches executive education courses at The Wharton School of Business and is a frequent speaker at finance and investing conferences. He graduated from The Wharton School of the University of Pennsylvania where he currently serves as the Chairman of the school’s tennis program and as a member of the Wharton School’s Executive Education Board. Mr. Welling’s expertise in working with senior management teams and boards of directors to assist them in understanding the drivers of valuation and the strategies they can employ to increase the value of their companies, including his experience with Relational and his investment bank experience with Credit Suisse in a senior executive capacity, will enable him to provide effective oversight of the Company as a member of the Board.

We understand members of RTK’s Board would like to avoid a long, drawn out and embarrassing proxy contest. In an attempt to be constructive, we communicated an alternative path to Messrs. Washburn and Burke during our December 13th meeting. As significant and engaged shareholders for the past year, we have witnessed this Board and management team’s penchant for destroying shareholder value first hand. Our discussions with numerous large shareholders have clearly indicated we are not alone in our frustration with the Company’s direction. Given the widespread shareholder frustration, the Company’s dreadful track record, and the strength of our nominees, we are fully prepared to take our platform for change to the 2014 Annual Meeting.

Our communications with the Board and management over the past twelve months have made it abundantly clear that lack of independent thought in the boardroom is a serious problem. We are confident that shareholder representation in the boardroom is a critical component of any solution. A public airing of our concerns and the futility of our prior communications with the Board and management team will subject the current leadership to embarrassing scrutiny. This situation can be resolved without public embarrassment. We welcome a solution that allows us to work constructively in resolving the issues facing the Company and ensures that RTK’s future path is paved by directors who hold the interest of shareholders paramount.

Sincerely,

Concerned Rentech Shareholders

CERTAIN INFORMATION CONCERNING PARTICIPANTS

Engaged Capital, LLC and Lone Star Value Management, LLC, together with the other members of the Concerned Rentech Shareholders and the participants named herein, intend to file a preliminary proxy statement and accompanying proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes for the election of their slate of four highly-qualified director nominees at the 2014 annual meeting of stockholders of Rentech, Inc., a Colorado corporation (the “Company”).

CONCERNED RENTECH SHAREHOLDERS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR.

The participants in the proxy solicitation are Engaged Capital Master Feeder I, LP (“Engaged Capital Master I”), Engaged Capital Master Feeder II, LP (“Engaged Capital Master II”), Engaged Capital I, LP (“Engaged Capital I”), Engaged Capital I Offshore, Ltd. (“Engaged Capital Offshore”), Engaged Capital II, LP (“Engaged Capital II”), Engaged Capital, LLC (“Engaged Capital”), Engaged Capital Holdings, LLC (“Engaged Holdings”), Glenn W. Welling, Lone Star Value Investors, LP (“Lone Star Value Investors”), Lone Star Value Investors GP, LLC (“Lone Star Value GP”), Lone Star Value Management, LLC (“Lone Star Value Management”), Jeffrey E. Eberwein, Jeffrey J. Brown and Larry Holley (collectively, the “Participants”).

As of the date of this filing, Engaged Capital Master I beneficially owned 7,607,276 shares of Common Stock. As of the date of this filing, Engaged Capital Master II beneficially owned 898,366 shares of Common Stock. Engaged Capital I, as a feeder fund of Engaged Capital Master I, may be deemed the beneficial owner of the 7,607,276 shares of Common Stock beneficially owned by Engaged Capital Master I. Engaged Capital Offshore, as a feeder fund of Engaged Capital Master I, may be deemed the beneficial owner of the 7,607,276 shares of Common Stock beneficially owned by Engaged Capital Master I. Engaged Capital II, as a feeder fund of Engaged Capital Master II, may be deemed the beneficial owner of the 898,366 shares of Common Stock beneficially owned by Engaged Capital Master II. Engaged Capital, as the investment adviser to each of Engaged Capital Master I and Engaged Capital Master II, may be deemed to beneficially own the 8,505,642 shares of Common Stock owned in the aggregated by Engaged Capital Master I and Engaged Capital Master II. Engaged Holdings, as the managing member of Engaged Capital, may be deemed to beneficially own the 8,505,642 shares of Common Stock owned in the aggregated by Engaged Capital Master I and Engaged Capital Master II. Mr. Welling, as the founder and chief investment officer of Engaged Capital and the sole member of Engaged Holdings, may be deemed to beneficially own the 8,505,642 shares of Common Stock owned in the aggregated by Engaged Capital Master I and Engaged Capital Master II. As of the date of this filing, Lone Star Value Investors beneficially owned 2,000,000 shares of Common Stock. Lone Star Value GP, as the general partner of Lone Star Value Investors, may be deemed the beneficial owner of the 2,000,000 shares of Common Stock beneficially owned by Lone Star Value Investors. Lone Star Value Management, as the investment manager of Lone Star Value Investors, may be deemed the beneficial owner of the 2,000,000 shares of Common Stock beneficially owned by Lone Star Value Investors. Mr. Eberwein, as the manager of Lone Star Value GP and sole member of Lone Star Value Management, may be deemed the beneficial owner of the aggregate of 2,000,000 shares of Common Stock beneficially owned by Lone Star Value Investors. As of the date of this filing, neither of Messrs. Brown or Holley beneficially owned any shares of Common Stock.

About Engaged Capital:

Engaged Capital, LLC, (“Engaged Capital”) was established in 2012 by a group of professionals with significant experience in activist investing in North America and was seeded by Grosvenor Capital Management, L.P., one of the oldest and largest global alternative investment managers. Engaged Capital is a limited liability company owned by its principals and formed to create long-term shareholder value by bringing an owner’s perspective to the managements and boards of under-valued public companies. Engaged Capital manages both a long-only and long/short North American equity fund. Engaged Capital’s efforts and resources are dedicated to a single investment style, “Constructive Activism” with a focus on delivering superior, long-term, risk-adjusted returns for investors. Engaged Capital is based in Newport Beach, California.

About Lone Star Value Management:

Lone Star Value Management, LLC (“Lone Star Value”) is an investment firm that invests in undervalued securities and engages with its portfolio companies in a constructive way to help maximize value for all shareholders. Lone Star Value was founded by Jeff Eberwein who was formerly a Portfolio Manager at Soros Fund Management and Viking Global Investors. Lone Star Value is based in Old Greenwich, CT.


Contact:
Media:
Bayfield Strategy, Inc.
Riyaz Lalani, 416-907-9365
rlalani@bayfieldstrategy.comhttp://finance.yahoo.com/news/...rs-seeks-reconstitute-133000895.html  

Engaged Capital and Lone Star Value
Business WireRentech, Inc.
January 13, 2014 3:15 PM

LOS ANGELES--(BUSINESS WIRE)--

Rentech, Inc. (RTK) today issued the following statement in response to the nomination by Engaged Capital, LLC (Engaged) and Lone Star Value Management, LLC (Lone Star Value) of four candidates to be considered for election to Rentech’s Board of Directors at its 2014 Annual Meeting of Shareholders.

Rentech is always open to constructive input from our shareholders as part of the Company’s constant focus on maximizing shareholder value. In keeping with our commitment to maintain a highly qualified and experienced Board, Rentech’s Nominating and Corporate Governance Committee will carefully evaluate Engaged’s and Lone Star Value’s nominees and recommend in due course to the full Board nominees that it believes will best serve the interests of the Company and all of its shareholders.

Our Board of Directors and management team continue to believe that execution of our strategy over the coming months will create significant value for shareholders. We have identified opportunities for substantial growth with attractive returns in our wood fibre business. Subject to market conditions, we see a compelling opportunity for an IPO of the fibre business as an MLP in less than two years, which we believe would create additional value for our shareholders. We also remain confident in the fundamentals of our nitrogen fertilizer business.

At this time, no action by Rentech shareholders is required. The Company will continue to communicate with our shareholders as appropriate, and encourages them to review Rentech’s proxy materials when they become available.

Credit Suisse is acting as financial advisor and Latham & Watkins LLP is acting as legal advisor to Rentech.

About Rentech, Inc.

Rentech, Inc. (www.rentechinc.com) owns and operates wood fibre processing and nitrogen fertilizer manufacturing businesses. The wood fibre processing business consists of the provision of wood chipping services and the manufacture and sale of wood chips, through a wholly-owned subsidiary, Fulghum Fibres, Inc., and the development of wood pellet production facilities. Rentech’s nitrogen fertilizer business consists of the manufacture and sale of nitrogen fertilizer through its publicly-traded subsidiary, Rentech Nitrogen Partners, L.P. (RNF). Rentech also owns the intellectual property including patents, pilot and demonstration data, and engineering designs for a number of clean energy technologies designed to produce certified synthetic fuels and renewable power when integrated with third-party technologies.

Safe Harbor Statement

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 about matters such as: the potential for substantial growth in our wood fibre business; the return profile of such growth opportunities; the possibility of a MLP IPO for that business in less than two years; and the fundamentals for our fertilizer business. These statements are based on management’s current expectations and actual results may differ materially as a result of various risks and uncertainties. Other factors that could cause actual results to differ from those reflected in the forward-looking statements are set forth in the Company’s prior press releases and periodic public filings with the Securities and Exchange Commission (“SEC”), which are available via Rentech’s website at www.rentechinc.com. The forward-looking statements in this press release are made as of the date of this press release and Rentech does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law.

Additional Information and Where You Can Find It

Rentech, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with its annual meeting of shareholders to be held in 2014 (the “2014 Annual Meeting”). Rentech plans to file a proxy statement with the SEC in connection with the solicitation of proxies for the 2014 Annual Meeting (the “2014 Proxy Statement”). Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the 2014 Proxy Statement and other materials to be filed with the SEC in connection with the 2014 Meeting. This information can also be found in Rentech’s definitive proxy statement for its annual meeting of shareholders held in 2013, filed with the SEC on April 30, 2013 (the “2013 Proxy Statement”). To the extent holdings of Rentech’s common stock have changed since the amounts printed in the 2013 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.

SHAREHOLDERS ARE URGED TO READ THE 2014 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), 2013 PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT RENTECH HAS FILED OR WILL FILE WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION.

Shareholders will be able to obtain, free of charge, copies of the 2014 Proxy Statement (when available), 2013 Proxy Statement and any other documents filed or to be filed by Rentech with the SEC in connection with the 2014 Meeting at the SEC's website (http://www.sec.gov).


Contact:
Rentech, Inc.
Investors:
Julie Dawoodjee Cafarella
Vice President of Investor Relations and Communications
310-571-9800
ir@rentk.com
or
Media:
Sard Verbinnen & Co
John Christiansen/Megan Bouchier
415-618-8750http://finance.yahoo.com/news/...ion-directors-engaged-201500437.html  

optionMONSTERBy David Russell (david.russell@optionmonster.com)
January 22, 2014 3:16 AM

Rentech Nitrogen Partners has been a roller-coaster ride, but now traders are betting that the next swing will be higher.

optionMONSTER's Heat Seeker monitoring program detected the purchase of more than 3,000 April 20 calls yesterday, most of which priced for $1.90 to $2.10. Volume slightly exceeded the previous open interest, so it appears that new money was put to work.

These long calls lock in the price where shares can be purchased in the fertilizer company. Holders can now cheaply position for gains and stand to enjoy significant leverage in a rally. For instance, a 43 percent move in the stock will drive up the options by 400 percent. (See our Education section)

RNF rose 5.66 percent to $21.10 yesterday. It was spun off from Rentech as a limited partnership in late 2011 for $20, rallied all the way to $49.18 early last year, and bottomed out at $16.90 in December. Yesterday's option activity reflects a belief that shares will continue to rebound.

More than 5,000 contracts traded in the session, compared with 500 on average for the last month. Overall calls outnumbered puts by a bullish 11-to-1 ratio.

More From optionMONSTER

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Datum Erster Hoch Tief Schluss     Stücke Volumen
  24.01.14      1,95      1,98§1,87 1,90 $ 2.127.765 4,00 M

GrB  

Datum Erster Hoch Tief Schluss     Stücke Volumen
14.03.14 1,76 1,80 1,75  1,79 $ 3.301.332 5,89 M
13.03.14 1,77 1,82 1,73  1,76 $ 4.101.522 7,27 M
12.03.14 1,81 1,89 1,73  1,75 $ 4.251.849 7,45 M
11.03.14 1,90 1,98 1,81  1,82 $ 4.172.917 7,81 M
10.03.14 2,01 2,02 1,95  1,96 $ 1.889.886 3,72 M
07.03.14 2,01 2,06 1,99  2,00 $ 2.229.200 4,43 M
06.03.14 1,97 2,03 1,95  2,00 $ 1.734.966 3,43 M
05.03.14 2,00 2,03 1,98  1,98 $ 3.334.333 6,55 M
04.03.14 1,92 1,98 1,87  1,93 $ 2.672.074 5,16 M
03.03.14 1,88 1,92 1,86  1,91 $ 1.156.477 2,14 M

GrB  

 

Datum Erster Hoch Tief Schluss     Stücke Volumen
  25.04.14      2,11      2,14§2,05 2,10 $ 1.924.917 3,83 M

GrB  

http://www.ariva.de/news/...od-Pellets-for-U-S-Heating-Market-5021396 GrB  

http://www.ariva.de/news/...-Conference-Schedule-for-May-2014-5025247 GrB  

http://www.ariva.de/news/...es-Results-for-First-Quarter-2014-5035680 GrB  

:::::::::::::::::::: 1,592 € +3,04% +0,047 €:::::: Guten Morgen die Orbit Flitzen!  

http://www.ariva.de/news/...Conference-Schedule-for-June-2014-5057349 GrB  

and Processing Services in Chile
13:05 16.06.14

LOS ANGELES --(BUSINESS WIRE)--

Rentech, Inc. (NASDAQ:RTK) today announced a new long-term processing agreement between its subsidiaries, Fulghum Fibres Chile (Fulghum), Forestal Pacifico and Forestal Los Andes, and Astillas Exportaciones Limitada (Astex Ltda.), the Chilean subsidiary of Japan’s Mitsubishi Corporation.

The new processing agreement would expand the volume of eucalyptus wood to be processed and sold under contract to Astex Ltda. The five-year contract includes the mutual option to extend for two additional five-year terms. The contract provides for guaranteed minimum volumes using a base fee, excess fee and shortage fee arrangement, similar to the tolling contract structure of Fulghum’s North American contracts.

Fulghum will rebuild its current mill in Concepción, Chile, near the port of Puchoco to increase production capacity. With the expansion, the annual processing capacity of the mill will increase from 180,000 bone dry metric tonnes (BDMT) to 400,000 BDMT of logs with bark. In addition, the facility’s capacity to process logs without bark will increase from 40,000 to 100,000 BDMT per year. The mill will become Fulghum Fibres’s largest chip mill in South America.

Rentech’s subsidiary, Forestal Pacifico, will process the bark produced from the mill and sell it as biomass fuel to local industrial customers. Rentech’s trading subsidiary, Forestal Los Andes, will utilize uncommitted capacity at the mill to produce chips for sale in South America or abroad.

“This agreement cements Fulghum Fibres’s position as a significant world player in the pulp, paper and packaging industry,” said Sean Ebnet, senior vice president of fibre business development for Rentech. Mr. Ebnet continued, “Our best-in-class proprietary eucalyptus debarking system gives us a unique value proposition in Chile by providing a critical cost competitive solution for the wood processing needs of our customers. Clearly, Astex Ltda. recognizes this value and has expanded its debarking and chipping business with Fulghum Fibres.”

“The growth and demand we are seeing in our wood processing business is outstanding,” said D. Hunt Ramsbottom, president and chief executive officer of Rentech. “This agreement highlights the success of our wood fibre processing strategy and our approach to building and operating complementary platforms in chipping and pellets. The relationship with Astex Ltda. and Mitsubishi will help drive Fulghum’s diversified growth and leadership in the expanding global wood fibre industry.”

The project’s unlevered return is expected to be in the high teens based on the guaranteed minimum volumes under the new agreement with Astex Ltda. Utilization of any uncommitted capacity of the expanded mill would result in higher returns.

The total cost of the new chipping mill and debarker project is expected to be $8.6 million. The full capital cost is being financed with debt from Chilean banks. Construction of the new chip mill is expected to begin within the next several weeks with full commissioning scheduled for early 2015.

About Rentech, Inc.

Rentech, Inc. (NASDAQ:RTK) owns and operates wood fibre processing, wood pellet production and nitrogen fertilizer manufacturing businesses. Rentech offers a full range of integrated wood fibre services for commercial and industrial customers around the world, including wood chipping services, operations, marketing, trading and vessel loading, through its subsidiary, Fulghum Fibres. The Company’s New England Wood Pellet subsidiary is a leading producer of bagged pellets for the U.S. heating market. Rentech manufactures and sells nitrogen fertilizer through its publicly-traded subsidiary, Rentech Nitrogen Partners, L.P. (NYSE: RNF). Please visit www.rentechinc.com and www.rentechnitrogen.com for more information.

Safe Harbor Statement

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 about matters such as: our ability to complete the wood chip mill on a timely basis and on budget; the expected returns and increased production rates of the project; and the outlook for our wood processing business. These statements are based on management’s current expectations and actual results may differ materially as a result of various risks and uncertainties. Other factors that could cause actual results to differ from those reflected in the forward-looking statements are set forth in the Company’s prior press releases and periodic public filings with the Securities and Exchange Commission, which are available via Rentech’s website at www.rentechinc.com. The forward-looking statements in this press release are made as of the date of this press release and Rentech does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law.



(c)Business Wire. All of the news releases contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.http://www.ariva.de/news/...-and-Processing-Services-in-Chile-5071498  

Strategic Alternatives Process; A Rapid Spin-Off Of RTK's Wood Fibre Businesses -- Sees Significant RTK Share Upside
20:25 26.06.14

PR Newswire

GREENWICH, Conn., June 26, 2014

GREENWICH, Conn., June 26, 2014 /PRNewswire/ -- Dolphin Limited Partnership III, L.P. and certain affiliates ("Dolphin III"), a long-term sizable holder of Rentech, Inc. (NASDAQ symbol:  RTK or the "Company"), today announced that it is informing RTK's shareholders of certain strategic initiatives Dolphin has advocated to RTK as a result of its interaction with the Company during the past 18-months in order to enhance the value of Rentech Nitrogen Partners, L.P.  (NYSE symbol:  RNF) and generate a significant increase in RTK's current share price:  (i) the rapid spin-off vs. an IPO (which is subject to a customary discount, underwriting fees and market risk) in a Master Limited Partnership ("MLP") of its wood fibre processing businesses; and (ii) the establishment of a strategic alternatives process to maximize value for RTK's 59.8% interest in RNF.  Dolphin III believes that a successful strategic alternatives process that drives RNF to approximately $30 per unit would generate a near 50% increase in RTK's current share price.

A spokesperson for Dolphin III added, "With an expeditious spin-off of the wood fibre processing businesses, the strategic alternatives process should explore:  (i) methods to efficiently recombine the remainder of RTK (23.25 million RNF units, its General Partner and sizable federal and state NOL's) with RNF to create a more sizable and liquid MLP; (ii) repurchasing RNF units to capitalize on the severely depressed price (currently a significant discount to the replacement value of its facilities); and (iii) a sale to a strategic acquirer.1  

From October 2012--May 2013, Dolphin III and its outside advisors presented a plan that, in its view, would have efficiently recombined RTK and RNF in a new MLP (the "Dolphin III Plan").  Since then, with RNF down more than 50% and greatly underperforming its peers, lower projected cash distributions, and larger RTK NOL's, the review should also include a re-examination of the Dolphin III Plan.  (The Dolphin III Plan is summarized in the attached addendum.)1   More recently, Dolphin III's outside advisors also identified potential opportunities for RTK and RNF to create value with and without a recombination.

Reasons for Dolphin III's Advocacy

Dolphin III, with the assistance of prominent outside advisors, advocates these positions after 18-months during which it communicated extensively with RTK and its outside advisors as well as consideration given to other facts and developments1 –

RTK's historical business plan has utilized cash distributions from RNF to invest in enterprises unrelated to RTK's core RNF Nitrogen fertilizer business and which, in the aggregate, has generated a sizable cumulative deficit for RTK and reduced value on an absolute and relative basis for RNF holders;2 ,3
RNF remains captive inside RTK, which should be resolved to maximize value - the Dolphin III Plan addresses this.  Dolphin believes that greater consideration is required of RNF's relative size (approximately 1.0 million annual metric tons of Ammonia, UAN and liquid and granular Urea - excluding other products and the Pasadena, Texas, Agrifos facility - and an approximate $.9 billion current TEV) to that of its competitors, premium pricing from its mid-corn-belt location and proximity to customers and natural gas.  Resolving the highly inefficient RTK/RNF structure would enhance RNF as an attractive acquisition candidate -- especially to cross-border competitors2;
RTK and RNF appear significantly undervalued on absolute and relative terms;

--Since December 31, 2012, the percentage decline in RNF's total return (unit price plus distributions) -- is approximately (-50%) vs. (-2%) for the average total return of the seven other publicly traded peers.  RNF's percentage decline is over 2 x's that of the next worst performing peer3;

--RNF's current TEV approximates 50% of the estimated net replacement value of its facilities when certain competitors have indefinitely delayed greenfield projects4, highlighting the acquisition value of existing strategic operating assets;

-- The pre-tax intrinsic value of RTK's net assets, with RNF units at $16.32 and RTK's other net assets valued at $1.63 per share, is approximately $2.95 per share.  Yesterday, RTK closed at $2.435;

--The pre-tax intrinsic value of RTK's net assets with RNF units at $30 (a TEV approximating 75% of RNF's estimated net replacement value) is approximately $4.05 per share, more than a 65% increase from yesterday's closing price5.

--The public analysis provided by RNF for 2014 EBITDA indicated a cash distribution of approximately $2.40 per unit, or over a 14% current yield -- materially greater than any other public sector MLP or corporate peer.3,5
The Dolphin III spokesperson concluded, "RNF does not appear to be large enough to be standalone, but given certain favorable attributes, including the "transportation cost advantage" of its East Dubuque, Illinois facility and current industry and capital market dynamics, Dolphin believes it would be attractive, in particular, to certain domestic and cross-border strategic acquirers.  Utilizing the current implied pre-tax market value of the wood fibre processing businesses in a spin-off, together with the other net assets (approximately $470 million or $1.63 per fully diluted RTK share), an efficient sale of RNF (under the Dolphin III Plan, or an alternative plan) at $30 per unit, would generate total pre-tax value to RTK shareholders of approximately $3.63 per share*, nearly a 50% increase from yesterday's $2.43.  The Dolphin III Plan appears to add over 20% of value to RTK shareholders standalone or in a sale.  Importantly for all RTK shareholders and RNF unit holders, today the Dolphin III Plan may initiate a sale of the recombined entities to a strategic acquirer."

To learn more about the Dolphin III Plan investors may refer to the attached addendum and the contacts below.

Dolphin's private investment entities have an extensive record of working to deliver value for all shareholders and constructively engaging with managements and Boards.  

* 1 RTK = $1.63 of wood fibre spin-off + .0667** of RNF @ $30/unit.

** (34.8 million New RNF units X 55% /287 million fully diluted RTK shares)

ADDENDUM

THE OCTOBER 2012 ORIGINAL DOLPHIN III RECOMBINATION PLAN

A $65 million ($0.27 per fully diluted share) special dividend/return of capital6;
The separation of RTK's previous alternative energy assets with working capital via a tax-efficient spin-off or rationalization of these assets -- enabling the "right–sizing" of RTK's corporate overhead.  Today, a spin-off or leveraged spin-off of the wood fibre processing businesses in an MLP should be pursued expeditiously (a spin-off avoids the customary IPO discount, underwriting fees and market risk)7; and
The efficient recombination of the remainder of RTK (consisting of 23.25 million RNF units, its General Partner and sizable Federal and State NOLs) with RNF by way of a tax-free exchange of RTK shares and RNF public units for units of a substantially more liquid newly established MLP ("New RNF") with enhanced pre-tax distributions per unit.  RTK, with its remaining net assets, would become a wholly-owned subsidiary of New RNF.
Under the Dolphin III Plan, RNF and RTK holders would own approximately 45% (vs. 40.2% today) and 55% (vs.59.8 % today), respectively, of New RNF's 34.8 million fully diluted shares to be outstanding.8 There would be no necessary change in RNF's capital structure or operations, and no change-in-control under the $320 million 6.5% second lien notes due 2021, issued by RNF in April 2013.

Substantial Benefits and Fairness under the Dolphin III Plan for RTK and RNF Holders

Dolphin III and its outside advisors believe that the Plan presented in October 2012 offered substantial benefits to RTK and its holders and was of material benefit to and was eminently fair to RNF and its holders.  Under the Dolphin III Plan, both RTK and RNF holders, through their interests in New RNF, would have received improved pre-tax distributions per unit.  Both RNF and RTK holders would have received a greater after-tax present value upon the sale of their interests in New RNF.  As an additional permanent benefit, a meaningful portion of New RNF's taxable income would have been taxed at the new 23.8% "all-in" individual highest federal income tax rate on qualified dividends vs. the new 43.8% "all-in" federal income tax rate on current ordinary income and cumulative deferred income realized upon the sale of units.

The Key Benefits to RTK and its shareholders were:

An approximate 50% aggregate increase in the value of their interests at the then RTK and RNF prices;
Efficiently addressing "double taxation" on fully taxable distributions received from RNF once RTK's NOLs were utilized; and
Enabling RNF, through New RNF, to be acquired tax free without any significant adverse tax consequences to RTK and its holders.
The Key Benefits to RNF and its unit holders were:

A 9% increase in pre-tax distribution per unit at New RNF vs. RNF and an expected corresponding unit price increase;
New RNF would have had approximately 34.8 million units outstanding and public float vs. RNF's  15.6 million public float8;
New RNF would have owned its General Partner and be controlled by its unit holders; and
RTK's control of RNF would no longer impede an acquisition of RNF.
The Dolphin III spokesperson added, "After an extensive review, Dolphin III and its outside advisors, in highly detailed communications, addressed all of RTK's questions and demonstrated that there appear to be no material technical or other defects in the proposed transaction that materially alter its compelling nature, especially after individual federal tax rates for qualified dividends and capital gains were resolved.  Whether examining the transaction on current yield, or pre- and after-tax present values, the Dolphin III proposal showed a significant net increase in total value for RTK holders and real value and material net benefits to RNF holders."

"This transaction would have efficiently recombined RTK and RNF in a new, substantially more liquid MLP with enhanced distributions and eliminated the RNF control discount.  Today, the transaction appears to improve the attractiveness of RNF as an acquisition candidate when purchasing operating assets in the market appears significantly less expensive than new construction."

"Further, the Dolphin III Plan was designed when RNF was more than double its current unit price, had substantially greater projected cash distributions and smaller NOL's.  Current facts make the Dolphin III Plan even more compelling.  These value-creating opportunities for RNF are currently impeded as RTK holds 59.8% of RNF and owns its General Partner.  An efficient recombination of RTK and RNF (in a new MLP) provides an opportunity to maximize value for holders of both entities, standalone or in a strategic alternatives process."

1On December 9, 2013, Mosaic Company (NYSE ticker symbol:  MOS) announced a plan to repurchase for approximately $2.0 billion, 43.3 million Class A shares.  On February 11, 2013 MOS announced an additional one billion Class A and Common share buyback in open market and/or private transactions.  Both repurchase plans represented approximately 15% of the total shares outstanding.  In a November, 2013 letter to the RTK Board Chairman, Dolphin advocated the repurchase of up to 15% of its fully diluted shares with the shares trading at approximately $1.75.  RTK did not pursue this proposal.  RTK, in its March, 2013 earnings report, indicated that it had spent approximately $1.0 million on tax and advisory work to evaluate restructuring proposals by shareholders.  

2Although the RNF holdings represented approximately 75% of RTK's pre-tax net asset value, the 18-peers reflected in RTK's 2012 and 2013 proxy statements do not include fertilizer companies.  Here we are specifically referring to RNF's $158 million Agrifos acquisition with $56 million of add on projects and RTK's alternative energy projects.  "From inception on December 18, 1981 through December 31, 2013, we have an accumulated deficit of $385.3 million." (Source:  2013 RTK 10K).  In 2013, 79% of East Dubuque's revenue was sold through a distribution agreement with Agrium expiring in June 30, 2016 with certain renewal options.  Also, 14% of 2014 sales were made directly or indirectly to Agrifos.

3Rentech Nitrogen Partners, L.P. (RNF) has an approximate $700 million market capitalization as compared to its public competitors, whose ticker symbols and approximate equity market capitalizations are as follows:  Yara International (YAR.OL)-U.S. $13.9    billion; CF Industries, Inc. (CF) – $12.6 billion; Terre Nitrogen Company, L.P. (TNH) – $2.7 billion; CVR Partners, L.P. (UAN) –$1.4 billion and net cash flow; Potash Corporation of Saskatchewan, Inc. (POT) – $32.1 billion; The Mosaic Company (MOS) – $19.2 billion; Agrium, Inc. (AGU) – $13.2 billion.  (Source:  Bloomberg.)  On July 29, 2013 a private investment firm announced an unspecified stake in CF causing the shares to initially jump 12%.  The private investment firm advocated a significant increase in the dividend (Source:  Dow Jones).

4On June 2013, YAR.OL announced the deferral of a 1.3 million metric ton Ammonia/Urea expansion project at its Saskatechewan, Canada Belle Plain facility at a cost analysts estimated to be $2 billion (Source:  Reuters); AGU announced a deferral of a $3 billion, 1.8 million ton nitrogen facility in the US Midwest, citing increasing construction costs and pricing concerns (Source: Bloomberg). In August, 2012 RTK/RNF senior management indicated that RNF had an approximate $1.5 billion replacement value before its $97.8 million expansion project and the November 2012 Agrifos acquisition for approximately $158 million plus $56 million of add on investments.  

5Prior to the issuance of $100 million of 4 ½% preferred shares convertible into approximately 45.0 million shares or 16.5% of the fully diluted   shares, there were approximately 242 million fully diluted shares (TSM-at RTK share prices between $2.60-$3.65 (227.5 million shares outstanding, 3.5 million options @$1.59, plus 1.3 million warrants @$.57 and 11.3 million RSU's and PSU's (Source:  RTK 2013 10K), and an estimated $175 million of net other assets:  the investment in the wood fibre processing business of $125.5 million (May 2, 2013 Investor Presentation) $22 million of projected of 2014 EBITDA after $15.0 million of unallocated cash corporate overhead; $136.1 million Federal NOL, X35% (Source:  March 11, 2014 Earnings Report).  However, the 2013 RTK 10K suggests that the cost of the wood fibre and pellet businesses will be approximately $157 million.  On May 1, 2014 RTK announced the acquisition of New England Wood Pellet for approximately $45.1 million including assumed debt.  On June 16, 2014, RTK announced a series of long-term processing agreements with subsidiaries in Chile for $8.6 million.  The RNF units held by RTK have no tax basis (April 2012 investor presentation).  On February 12, 2014, RNF issued a public announcement with 2014 EBITDA sensitivity analysis prepared by a third party consulting firm.  The base case indicated $123.1 million in EBITDA.  A prominent sell side research firm indicated that the "base case" yields annual cash distribution of $2.43 per unit before any replacement of a working capital reserve of $.20-$.40/unit.  On February 13, 2014, RNF indicated that it was not providing guidance on cash distributions per unit until later in 2014.  No distribution update was provided with RNF's March 11, 2014 earnings report.

6In December, 2012 RTK distributed $.19/outstanding share ($42.5 million) in a dividend/return of capital.

7These assets previously included a significant amount of net cash, as well as remaining alternative energy assets.  RTK's substantial net cash was subsequently deployed in the wood fiber processing businesses.  Natchez was sold for $9 million in August, 2013.  In March, 2014 the alternative energy technologies and the PDU were sold for $15.3 million plus $16.2 million upon the successful redeployment and startup of the PDU less $5.1 million of transaction expenses.  On September 23, 2013, RTK obtained a $100 million three-year revolving loan facility initially secured by 15.4 million RNF units and, under certain circumstances, up to 19.4 million units.  On April 9, 2014, RTK announced a new $50 million term loan to replace the outstanding balance on the term facility.  In addition, a $100 million of preferred stock convertible into approximately 45.0 million shares (convertible at $2.22) was added.  On February 13, 2014, RTK announced "the continuation of its announced strategy to expand the wood fibre processing businesses and progress toward a potential IPO as an MLP in less than two years for this business.  In its March 11, 2013 earnings reports, RTK provided 2014 guidance of $22 million of EBITDA after $15.0 million of unallocated cash – corporate overhead."

8RNF currently has a 15.6 million public float with approximately 39.0 million fully diluted units outstanding.

SOURCE Dolphin Limited Partnership III, L.P.


Quelle: PR Newswire  

Conference Call
22:05 08.07.14

LOS ANGELES --(BUSINESS WIRE)--

Rentech, Inc. (NASDAQ: RTK) announced today that the Company will hold its 2014 second quarter conference call on Thursday, August 7, 2014 at 3:00 p.m. PDT, during which time Rentech’s senior management will review the Company's financial results for the period and provide an update on the business.

Callers may listen to the live presentation, which will be followed by a question and answer segment, by dialing 888-517-2513 or 847-619-6533 and the pass code 7750504#. An audio webcast of the call will be available at www.rentechinc.com within the Investor Relations portion of the site under the Presentations section. A replay will be available by audio webcast and teleconference from 5:30 p.m. PDT on August 7 through 11:59 p.m. PDT on August 17. The replay teleconference will be available by dialing 888-843-7419 or 630-652-3042 and the audience passcode 7750504#.

About Rentech, Inc.

Rentech, Inc. (NASDAQ: RTK) owns and operates wood fibre processing, wood pellet production and nitrogen fertilizer manufacturing businesses. Rentech offers a full range of integrated wood fibre services for commercial and industrial customers around the world, including wood chipping services, operations, marketing, trading and vessel loading, through its subsidiary, Fulghum Fibres. The Company’s New England Wood Pellet subsidiary is a leading producer of bagged pellets for the U.S. heating market. Rentech manufactures and sells nitrogen fertilizer through its publicly-traded subsidiary, Rentech Nitrogen Partners, L.P. (NYSE: RNF). Please visit www.rentechinc.com and www.rentechnitrogen.com for more information.



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