By Sheri Kasprzak
New York, April 26 - Advanced BioEnergy, LLC concluded a $10 million private placement of subordinated convertible promissory notes.
The 15% notes were issued to Ethanol Investment Partners, LLC.
The notes are due in one year and are convertible into common shares at the lesser of $16 and the price per membership unit equal to the lowest price per membership unit sold in a public or private offering during the period that the notes are outstanding.
Proceeds will be used for construction of the company's Aberdeen facility.
Ethanol Investment Partners has the option to purchase another $25 million in notes through June 13.
Advanced BioEnergy is an ethanol producer based in Minneapolis.
| Issuer: | Advanced BioEnergy, LLC
|
| Issue: | Subordinated convertible promissory notes
|
| Amount: | $10 million
|
| Maturity: | One year
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Conversion price: | The lesser of $16 and the price per membership unit in a subsequent public or private offering
|
| Warrants: | No
|
| Investor: | Ethanol Investment Partners, LLC
|
| Settlement date: | April 20
|
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