By Laura Lutz
Des Moines, Oct. 23 - Advanced Bioenergy, LLC raised $10 million from the private placement of a secured term loan note.
PJC Capital LLC, the investor in the deal, also received a warrant to purchase 450,000 units of the company. The warrant is exercisable at $14.00 per unit for five years.
The note bears interest at 13% per year, compounded quarterly, until July 15, 2008 and at 15% per year, compounded quarterly, thereafter. It will mature on Oct. 16, 2008.
There is no prepayment penalty.
Proceeds will be used for the construction of an ethanol production facility in Fairmont, Neb.
Advanced Bioenergy is a renewable energy company based in Minneapolis.
| Issuer: | Advanced Bioenergy, LLC
|
| Issue: | Secured term loan note
|
| Amount: | $10 million
|
| Maturity: | Oct. 16, 2008
|
| Coupon: | 13% until July 15, 2008; 15% thereafter
|
| Price: | Par
|
| Warrant: | For 450,000 units
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $14.00
|
| Investor: | PJC Capital LLC
|
| Settlement date: | Oct. 17
|
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