CVR Partners, LPNYSE
Tue, Aug. 30, 10:21 AM
- Potash Corp. (POT +12.3%) and Agrium (AGU +6.6%) resume trading after a halt for volatility following a Bloomberg report that the companies are in advanced merger talks.
- A combination reportedly could be announced as soon as next week, although no final decisions have been made.
- Related stocks also are ticking higher: MOS +7.3%, CF +4.4%, IPI +13.7%, SQM +3.1%, UAN +3.3%, TNH +2.3%, ICL +3.9%.
Tue, Mar. 15, 12:49 PM
- Rentech (RTK +4.4%) rises after GSO Capital Partners agrees to provide $6M in additional short-term liquidity if required prior to the closing of the pending merger between Rentech Nitrogen Partners (RNF -1.7%) and CVR Partners (UAN -2.8%).
- GSO also agrees to revise its existing waiver and amendment agreement with RTK, which the company says is intended to enable the merger to close without regard to whether RTK receives units in CVR sufficient to repay a fixed amount of preferred stock and debt held by GSO.
- Separately, RNF says it sold its Pasadena, Tex., facility to Pasadena Commodities International, the plant's long-time distributor for ammonium sulfate.
Nov. 10, 2015, 3:19 PM
- Rentech (RTK -30.3%) is routed after reporting a Q3 loss of $1.38/share on revenues that came in about a third short of expectations.
- RTK warns that it will need either the proceeds anticipated from the merger of Rentech Nitrogen (RNF -5.3%) with CVR Partners (UAN -0.6%) and the sale of its Pasadena facility or other sources of cash by the early months of 2016 to fund its operating and investing needs; in the event the merger and Pasadena sale are delayed, RTK says it would need alternative sources of cash to fund its operations leading to the closing of the merger.
- RTK says it is in discussions to arrange additional borrowing and/or to pledge or sell some of the 3.1M unpledged units of RNF it owns, but the outcome of such discussions is not yet known.
Aug. 10, 2015, 6:27 AM
- CVR Partners (NYSE:UAN) has agreed to buy Rentech Nitrogen Partners (NYSE:RNF) for $533M, excluding debt and Rentech's Pasadena plant.
- Under terms of the deal, Rentech Nitrogen shareholders will receive 1.04 units of CVR Partners and $2.57 cash for each unit held, representing a premium of 33% to Rentech Nitrogen's closing price on Friday.
- "Once the merger is complete, we will be the second largest producer of urea ammonium nitrate in North America," said CVR Chief Executive Jack Lipinski.