Rentech Inc. on Monday said that its wholly-owned nitrogen fertilizer operation had secured $62.5 million of debt financing.

The Los Angeles company said net proceeds of the financing will be used to repay Rentech Energy Midwest Corp.’s outstanding term loan of approximately $37.1 million and for general corporate purposes. That may include development of the company’s technology and synthetic fuels and power projects.

The deal “strengthens Rentech’s consolidated liquidity and extends the maturity of our term debt at REMC,” said Dan Cohrs, Rentech’s chief financial officer, in a press release.

Credit Suisse was the sole lead arranger of the loan.

Shares were up less than 1 cent to $1.19 in midday trading on the New York Alternet.