By Jennifer Chiou
New York, June 21 - RathGibson Inc.'s indirect parent company, RGCH Holdings Corp., issued $115 million of 13½% pay-in-kind notes due June 15, 2015, according to an 8-K filed with the Securities and Exchange Commission.
The issue is linked to the June 15 sale of RGCH Holdings to RG Tube Holdings LLC, an affiliate of DLJ Merchant Banking Partners IV, LP and affiliated investment funds, in a transaction valued at $440.7 million.
RathGibson does not have any guarantee obligations for the PIK notes.
According to the filing, the management agreement with Castle Harlan, Inc. and reimbursement and cooperation agreement with Castle Harlan Partners IV, LP were terminated.
RathGibson is a Janesville, Wis., tubing and piping supplier for oil and gas, power generation, food and dairy, biotechnology and chemical processing industries.
| Issuer: | RGCH Holdings Corp.
|
| Amount: | $115 million
|
| Maturity: | June 15, 2015
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| Security description: | Pay-in-kind notes
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| Coupon: | 13½%
|
| Settlement date: | June 21
|
| Distribution: | Private placement
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