Aventine Renewable Energy to start roadshow Thursday for $160 million seven-year floating-rate notes

By Paul A. Harris

St. Louis, Nov. 30 - Aventine Renewable Energy Inc. will begin a roadshow on Thursday for a $160 million offering of senior secured floating-rate notes due 2011 (B3), according to a syndicate source.

Pricing is expected late in the week of Dec. 6.

Morgan Stanley and JP Morgan will have the books for the Rule 144A offering. Banc of America Securities LLC and Bear Stearns & Co. are co-managers.

The notes will be callable after two years at 103, with the call premium declining annually from that date to 102, 101, and to par. The notes will also contain an equity clawback for 35%.

Proceeds will be used to fund the expansion at the company's Illinois facility and to fund a dividend to shareholders.

The company is a Pekin, Ill.-based producer and marketer of ethanol.

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