Northeast Biofuels eyes Friday launch for $215 million facility

By Sara Rosenberg

New York, May 31 - Northeast Biofuels is targeting Friday for a conference call to launch its proposed $215 million credit facility, although timing has not been finalized yet, according to a market source.

Goldman Sachs is the lead bank on the deal.

The facility consists of a $10 million revolver, a $65 million synthetic letter-of-credit facility and a $140 million term loan B, the source said.

Ratings are expected in the high single-Bs, the source added.

Proceeds will be used to build a 100 million gallon ethanol plant in Upstate New York.

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