Abengoa Bioenergy gets $300 million credit facility

By Sara Rosenberg

New York, Aug. 2 - Abengoa Bioenergy U.S. Holdings, Inc. closed on a $300 million senior secured credit facility, according to a news release.

WestLB and Banco Santander acted as the joint lead arrangers and joint bookrunners on the deal.

The facility consists of a $215 million term loan and an $85 million working capital facility.

Pricing on the tranches is set at Libor plus 300 basis points. During syndication, pricing was reverse flexed from original talk of Libor plus 325 bps.

The deal was well oversubscribed with more than $550 million in commitments.

Proceeds are being used to finance the construction of two 88 million-gallons-per-year ethanol plants located in the Midwest.

Abengoa Bioenergy is a Chesterfield, Mo.-based ethanol producer.

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