UPDATE 2-Rentech Nitrogen Partners prices IPO at $20/unit
* Prices IPO of 15 mln common units at $20 each
* IPO raises $300 mln in proceeds
Nov 3 (Reuters) Fertilizer company Rentech Nitrogen Partners LP said it had priced its initial public offering of 15 million common units at $20 apiece, the midpoint of the company's expected price range.
The IPO raised $300 million in proceeds. Rentech Nitrogen had planned to price its offering between $19 and $21 per unit.
The company expects to start trading its common units on the New York Stock Exchange under the symbol "RNF" on Friday.
Rentech Nitrogen was making its market debut the day the world's largest daily deals website Groupon Inc was also set to launch, and a day after oil and gas developer Enduro Royalty Trust had a poor first day of trading.
The U.S. IPO market had seen a lull period for about two months, which only in recent weeks has been showing signs of a recovery.
Morgan Stanley & Co and Credit Suisse Securities (USA) LLC are joint book-running managers of the Rentech Nitogen offering.
Rentech Nitrogen was formed by Rentech Inc to own, operate and expand its nitrogen fertilizer business.
Upon the closing of the offering, the public will own about two-fifths of the outstanding common units of Rentech Nitrogen, while Rentech Inc will indirectly own the rest.
Rentech Nitrogen's assets will consist of a nitrogen fertilizer facility located in East Dubuque, Illinois, which produces primarily anhydrous ammonia and urea ammonium nitrate solution.