Rain Calcining Subsidiary to offer Senior Subordinated Notes for US$ 235 million

Rain Calcining Ltd has announce that CII Carbon L.L.C., USA, a Wholly Owned Subsidiary of the Company ("WOS") is offering Senior Subordinated Notes for an amount of US$ 235 million, which will mature in 2015. The issue of Senior Subordinated Notes is guaranteed by Rain Calcining Ltd, for an amount of US$ 90 million. Citigroup Inc has been appointed as Sole Arranger and Bookrunner for the sale of Senior Subordinated Notes.

The proceeds of issue of Senior Subordinated Notes will be used to repay the bridge facility of equal amount availed on July 19, 2007 for completion of the acquisition Of CII Carbon L.L.C.

Ratings given by credit rating agencies are as follows: 1. Moody's Investor Services has assigned Corporate Family Rating of B2 to Rain Calcining Ltd, India and its WOS CII Carbon L.L.C. and a rating of B3 for the proposed US$ 235 millions Senior Subordinated Notes to be issued by CII Carbon L.L.C.. The ratings outlook is stable as per Moody's Investor Services.

2. Fitch Ratings has assigned Long-term foreign currency Issuer Default Rating of B to both Rain Calcining Ltd, India and its WOS CII Carbon L.L.C. Fitch has also assigned rating of 'B-' (B minus) / 'RR5' for the proposed US$ 235 million Senior Subordinated Notes to be issued by CII Carbon L.L.C. As per Fitch, the outlook on the ratings is stable.

Source : Equity Bulls

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