Advanced BioEnergy amends, extending draw-down period, providing for new loans

By Sara Rosenberg

New York, Nov. 29 - Advanced BioEnergy LLC's subsidiary, ABE Fairmont, LLC, amended its credit facility, extending the period during which funds may be drawn down, shortening the period for their repayment and providing for $10.5 million in new bank debt, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

The new debt due June 1, 2009 is comprised of a $6.5 million term loan C and a $4 million revolving term loan D with a 62.5 basis point commitment fee.

Proceeds from the new debt will be used for construction of ABE Fairmont's ethanol plant currently in Fairmont, Neb.

The amendment was completed on Nov. 27, but is effective as of Nov. 20.

Farm Credit Services of America is the lead bank on the deal.

Advanced BioEnergy is a Minneapolis-based company engaged in the biofuels business.

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