Ally Financial Makes Debut on NYSE and Rentech Inc. Receives $150M Investment from Blackstone’s GSO Capital Partners
Ally Financial Inc. (NYSE: ALLY) made its debut on the NYSE and fell slightly. It was the largest U.S. initial public offering so far this year. The Treasury Department, which still owns a majority of the company after its 2008 bailout, sold 95 million shares at $25 each. Through the IPO, the U.S. government cut its stake in Ally to about 17% from 37%. This was at the low end of Ally’s expected range. The offering raised a total of $2.38 billion, surpassing the January IPO of fellow auto lender Santander Consumer USA Holdings.
Founded in 1919, ALLY is a leading automotive financial services company with over 90 years of experience providing a broad array of financial products and services to automotive dealers and their customers.
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Rentech, Inc. (NASDAQ: RTK) has come to a settlement agreement with Concerned Rentech Shareholders, and has also received a $150 million investment from Blackstone's GSO Capital Partners return for two board seats. As part of the settlement with CRS the group will be able to approve a director Rentech nominates to its board of directors at its 2014 shareholders meeting. The wood fibre processor will also form a Finance Committee, which the CRS-approved director will be a part of.
Rentech, Inc., through its subsidiaries, manufactures and sells natural-gas based nitrogen fertilizer products in North and South America. Its products include anhydrous ammonia and urea ammonium nitrate solution; and ammonium sulfate, ammonium thiosulfate, and sulfuric acid, which are applied to various crops, including soybeans, potatoes, cotton, canola, alfalfa, corn, and wheat. The company also provides wood chipping and wood yard operations services, as well as sells wood chips to the pulp, paper, and packaging industry; offers biomass fuel to industrial heat and utility customers; and owns and manages forestland in South America.
Get more information on Rentech, Inc. free access to the in depth equity report at: www.TrendingWallStreet.com/stockquote/RTK
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