Blackstone credit arm GSO invests $150m in Rentech


news_woodchips_lrgBlackstone’s Group’s credit arm GSO Capital Partners has invested $150m in wood fibre processing business Rentech.

GSO provided $100m through purchasing convertible preferred stock and another $50m through a term loan, Rentech said.

Blackstone senior managing director and GSO co-founder Douglas Ostrover said, “Rentech owns and operates world-class assets in wood fibre processing and nitrogen fertilizer production.

“We have been in conversations with Rentech for nearly two years and have thoroughly evaluated Rentech’s businesses, assets, and management team.

“We see great potential to create value for Rentech’s shareholders.

We look forward to working as a partner with the company to execute the plans they have, and to explore additional opportunities in the future.”

Last September GSO doubled the size of its ‘capital solutions’ money under management by raising a $5bn second fund.

Investors included US state pension funds, corporate pension funds, sovereign wealth funds, insurance companies, endowments, foundations and family offices.

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