East Fork Biodiesel board extends deadline for convertibles offering

By Angela McDaniels

Tacoma, Wash., May 5 - East Fork Biodiesel, LLC's board of directors approved an extension of the termination date for its private offering of convertible subordinated unsecured notes to June 29, according to an 8-K filing with the Securities and Exchange Commission.

The deadline was previously scheduled for April 30.

The company is selling $17 million to $27.5 million of convertibles in the Regulation S offering, which began on Jan. 24.

The notes will be convertible into the company's membership units.

The proceeds from the offering, depending on whether a sufficient amount is subscribed, will be used to make plant modifications for pretreatment as well as for working capital, to service the company's debt and to pay its interim operating expenses.

The biodiesel producer is based in Algona, Iowa.

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