Central Illinois Energy seeks $87.5 million term loan

By Sara Rosenberg

New York, March 8 - Central Illinois Energy is in-market with an $87.5 million first-lien term loan, according to a market source.

Credit Suisse is the lead bank on the deal.

The term loan, which launched with a bank meeting on Tuesday, is talked at Libor plus 900 to 1000 basis points, the source said.

Proceeds will be used to fund a 37 million gallon-per-year ethanol plant in Illinois.

Central Illinois Energy is a Canton, Ill.-based cooperative ethanol production facility.

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