DALLAS, July 20, 2011 (GLOBE NEWSWIRE) — 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 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
http://bit.ly/qSITOq
No comments:
Post a Comment