FUEL secures financing

By | February 05, 2008
First United Ethanol LLC has secured $115 million in debt financing, including $15 million in working capital for its 100 MMgy ethanol facility under construction near Camilla, Ga.

FUEL was represented by Baker & McKenzie LLP, which has worked to secure financing for several biofuels companies, including Imperium Renewables, a biodiesel company based in Washington. The New York branch of WestLB AG arranged the debt facilities, while Morgan Keegan & Co. acted as FUEL's financial advisor. "Our partnership with Morgan Keegan & Co. and Baker & MacKenzie allowed us to successfully refinance this project, ensuring our competitive strength and completion in a timely manner," said Anthony Flagg, chief executive officer of FUEL.