14.02.2008
WestLB Closes USD 205 Million Senior Secured Facilities for BioEnergie International, LLC
WestLB announced today that it closed a USD 205 million senior secured facility for BioEnergy International, LLC (BioEnergy) for the construction of a 100 million gallon per year state-of-the-art corn-based dry mill ethanol plant located in Clearfield County, Pennsylvania (the Project).
The financing is supported by a unique tolling arrangement between Getty Petroleum Marketing, a wholly owned subsidiary of OAO Lukoil, and the Project, which serves to provide the Project with stable cash flows over the period of the agreement. The Project is the first commercial scale ethanol project to be built in the state of Pennsylvania. WestLB acted as Joint Bookrunner and Joint Lead Arranger.
“We are very excited to have successfully closed this transaction and look forward to supporting BioEnergy International in their future financing needs,” said Tom Murray, Managing Director, Global Head of Energy at WestLB.
The credit facility is comprised of several tranches: USD 106 million first lien term loans, a USD 65 million tax exempt bond issuance, a USD 30 million second lien term loan and a USD 4 million letter of credit/working capital facility.
“Despite difficult market conditions, our broad distribution capabilities enabled us to attract a diverse group of lenders,” according to Manish Taneja, Managing Director, Global Head of Loan Syndications at WestLB.
BioEnergy International is also a pioneer in cellulosic ethanol and is committed to developing and delivering advanced technologies to produce clean, environmentally beneficial fuels and specialty chemicals from traditional feedstocks and diverse biomass.
About WestLB Capital Markets
WestLB develops sophisticated structured solutions through a team of highly experienced investment banking and capital markets professionals. WestLB has a long-standing presence in the corporate, structured and asset-backed financing sectors supporting clients' needs with capital commitments, advisory services and innovative financing solutions. The bank’s global relationships, coupled with its unique understanding of local economies, industries and cultures, help WestLB bankers consistently deliver high quality advice and service. For more information, please visit www.westlbmarkets.com
WestLB AG is one of Germany´s leading financial services providers and offers the full range of products and services of a universal bank, focusing on lending, structured finance, capital market and private equity products, private banking, asset management, transaction services and real estate finance. WestLB has total assets of €280 billion, as of September 30, 2007. For more information, please visit www.westlb.com.
In the United States, certain securities, trading, brokerage and advisory services are provided by WestLB’s wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC.
(NOTE: 3rd Quarter Earnings Release as of September 30, 2007 distributed to public on December 6, 2007)
The financing is supported by a unique tolling arrangement between Getty Petroleum Marketing, a wholly owned subsidiary of OAO Lukoil, and the Project, which serves to provide the Project with stable cash flows over the period of the agreement. The Project is the first commercial scale ethanol project to be built in the state of Pennsylvania. WestLB acted as Joint Bookrunner and Joint Lead Arranger.
“We are very excited to have successfully closed this transaction and look forward to supporting BioEnergy International in their future financing needs,” said Tom Murray, Managing Director, Global Head of Energy at WestLB.
The credit facility is comprised of several tranches: USD 106 million first lien term loans, a USD 65 million tax exempt bond issuance, a USD 30 million second lien term loan and a USD 4 million letter of credit/working capital facility.
“Despite difficult market conditions, our broad distribution capabilities enabled us to attract a diverse group of lenders,” according to Manish Taneja, Managing Director, Global Head of Loan Syndications at WestLB.
BioEnergy International is also a pioneer in cellulosic ethanol and is committed to developing and delivering advanced technologies to produce clean, environmentally beneficial fuels and specialty chemicals from traditional feedstocks and diverse biomass.
About WestLB Capital Markets
WestLB develops sophisticated structured solutions through a team of highly experienced investment banking and capital markets professionals. WestLB has a long-standing presence in the corporate, structured and asset-backed financing sectors supporting clients' needs with capital commitments, advisory services and innovative financing solutions. The bank’s global relationships, coupled with its unique understanding of local economies, industries and cultures, help WestLB bankers consistently deliver high quality advice and service. For more information, please visit www.westlbmarkets.com
WestLB AG is one of Germany´s leading financial services providers and offers the full range of products and services of a universal bank, focusing on lending, structured finance, capital market and private equity products, private banking, asset management, transaction services and real estate finance. WestLB has total assets of €280 billion, as of September 30, 2007. For more information, please visit www.westlb.com.
In the United States, certain securities, trading, brokerage and advisory services are provided by WestLB’s wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC.
(NOTE: 3rd Quarter Earnings Release as of September 30, 2007 distributed to public on December 6, 2007)