April 10 Rentech Inc, which processes
wood fibre, said Blackstone Group LP's credit arm would
invest $150 million in the company in return for two board
Rentech shares rose as much as 19 percent to $2.15 in
morning trade on Thursday. The company was valued at $411.8
million as of the stock's close of $1.81 on Wednesday.
The company said GSO Capital Partners LP, the credit
investment unit of Blackstone, will invest $100 million through
convertible preferred stock and a $50 million term loan.
Blackstone named GSO's co-founder Douglas Ostrover and
former chief executive of Smurfit-Stone Container Corp Patrick
Moore to Rentech's board.
Rentech, which also makes and sells nitrogen fertilizer,
said the funds would be used to grow its wood fibre processing
(Reporting by Anannya Pramanick in Bangalore; Editing by Savio