Rain Industries’ wholly owned subsidiary Rain CII Carbon LLC has raised $550 million through issuance of dollar-denominated bonds maturing on April 1, 2025. The bonds are priced at a coupon of 7.25 per cent and are rated ‘B+’ by S&P Global Ratings and ‘B1’ by Moody’s rating agency.
The company will use the proceeds of the bond issue to refinance borrowings, and to redeem or repurchase any and all of its 8 per cent notes due in December 2018, and a portion of its 8.25 per cent US dollar-denominated notes due in January 2021.
Rain Industries is engaged in the business of manufacturing cement, Calcined Petroleum Coke (CPC) and power. It is the largest producer of CPC with a production capacity of 2.49 million tonnes per annum (MTPA).