Baker & McKenzie Represents TD Banknorth and WestLB in Financing of Ethanol Biorefinery in Pennsylvania
TD Banknorth and WestLB Arrange $205 Million of Senior Debt Financing for First Ethanol Plant in Pennsylvania and First to be Financed with a Long-Term Ethanol Offtake Contract
Washington, D.C., February 15, 2008 - Baker & McKenzie LLP announced today that it represented TD Banknorth, N.A., and WestLB AG, New York Branch, as joint lead arrangers, in connection with the debt financing of a 100 million gallon-per-year corn ethanol biorefinery under construction in Clearfield, Pennsylvania. The project is being developed by BioEnergy International, LLC and is the first ethanol project to be constructed in Pennsylvania.
WestLB and TD Banknorth arranged a total of $215 million of senior secured debt facilities, including three tranches of senior construction and term loans, a working capital facility and tax exempt bond financing placed by Stern Brothers & Co. The project also benefits from extensive support by the Commonwealth of Pennsylvania in the form of grants and subordinated loans. The financing closed on February 6, 2008.
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