US Aventine obtains USD-200m term loan to redeem notes
(ADPnews) - Dec 23, 2010 - US ethanol producer Aventine Renewable Energy Holdings Inc (OTC:AVRW) has agreed on a USD-200-million (EUR 152.6m) senior secured term loan with a banking syndicate to repay existing notes.
The company will use the proceeds to redeem its 13% senior secured notes maturing in 2015, to pay related transaction costs, and for general corporate needs, it said in a statement yesterday.
The facility, which matures on December 22, 2015, is backed by Aventine's capital stock and assets.
Citibank NA acted as an administrative agent, Citigroup Global Markets Inc and Jefferies Finance LLC as joint lead arrangers and joint bookrunners, and Citibank NA and Jefferies Finance LLC as co-syndication agents for the transaction.
"We've also shipped our first load of ethanol out of our Mt. Vernon, Indiana plant," Aventine CEO Tom Manuel added.