Aventine Renewable Energy enters into new $25 million term loan

By Jennifer Chiou

New York, April 5 - Aventine Renewable Energy Holdings Inc. entered into a commitment letter with Macquarie Capital (USA) Inc. on March 31 to provide for a $25 million incremental term loan facility, according to an 8-K filing with the Securities and Exchange Commission.

The commitment has an effective date of March 25.

The new term loan is under the company's existing senior secured term loan credit agreement with Citibank, NA as administrative agent and collateral agent.

As already reported, the company increased its revolving credit facility to $30 million from $20 million on Feb. 28. The company entered into the revolver with PNC Bank in March 2010 in connection with its emergence from Chapter 11 bankruptcy.

Aventine produces ethanol and is based in Dallas.

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