Aventine Renewable agrees USD 50m revolving credit with Wells Fargo
Jul 21, 2011 - US Aventine Renewable Energy (PINK:AVR) said yesterday it had secured a USD-50-million (EUR 35m) revolving credit facility from Wells Fargo & Co (NYSE:WFC) to support its working capital needs.
The credit matures in four years. It carries an annual interest rate of LIBOR plus 3% to 3.5%. The facility is asset-based and supported by the inventory and account receivable of the company and its subsidiaries.
Aventine Renewable Energy makes ethanol and related byproducts.