Aventine Announces New Credit Facility
21 Luglio 2011 - 3:19AM
Aventine Renewable Energy Holdings, Inc. (OTCBB:AVRW), a leading
producer and marketer of ethanol and related products announced
that it has taken another step on its path toward a stronger
financial future: Aventine has entered into a credit agreement with
Wells Fargo Credit Finance, LLC.
The new credit facility, if fully drawn, is a $50 million asset
based revolving credit facility with a borrowing base principally
supported by the inventory and account receivable of the company
and its subsidiaries. The facility matures in four years and
bears interest at a variable rate of LIBOR plus 3.0% to
3.5%.
"The funding of our working capital needs in this volatile
market environment is key to executing our strategy of operating at
the full capacity of our assets," said Tom Manuel, Aventine's Chief
Executive Officer. "We are pleased to have a new partner in
Wells Fargo."
Houlihan Lokey served as the Company's exclusive financial
advisor in connection with the transaction.
Aventine is a leading producer of ethanol. Through our
production facilities, we market and distribute ethanol to many of
the leading energy companies in the U.S. In addition to producing
ethanol, our facilities also produce several by-products, such as
distillers grain, corn gluten meal and feed, corn germ and grain
distillers dried yeast, which generate revenue and allow us to help
offset a significant portion of our corn costs.
Forward Looking Statements
Certain information included in this press release may be deemed
to be "forward looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. In some cases, you can
identify these statements by forward-looking words such as "may,"
"might," "will," "should," "expect," "plan," "anticipate,"
"believe," "estimate," "predict," "potential" or "continue," and
the negatives of these terms and other comparable terminology.
These forward-looking statements, which are subject to known and
unknown risks, uncertainties and assumptions about us, may include
the timing of completion of improvements and restarting operations
at our Aurora, Nebraska dry mill plant, the enhanced production of
the Mr. Vernon facility; the start up of the plant in Canton,
Illinois; projections of our future financial performance; the
performance of our management team. These statements are only
predictions based on our current expectations and projections about
future events. There are important factors that could cause our
actual results, level of activity, performance or achievements to
differ materially from the results, level of activity, performance
or achievements expressed or implied by the forward-looking
statements.
CONTACT: Calvin Stewart, Chief Accounting & Compliance Officer
(214) 451-6766
Calvin.Stewart@aventinerei.com
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