Altra Biofuels secures financing for ethanol plants

By | August 27, 2007
Altra Biofuels Inc. has secured an additional $165.5 million in debt financing for the construction and completion of its 60 MMgy ethanol plant in Coshocton, Ohio, and its 100 MMgy plant in Cloverdale, Ind. Expected completion dates are fourth quarter 2007 for Ohio and early second quarter 2008 for Indiana. The Indiana financing was issued by AgStar and Home Federal in December 2006, and the Ohio financing came through the State of Ohio Air Quality Development Authority's Taxable Revenue Bonds Series 2007, with Morgan Stanley and Co. Inc. as the placement agent. Altra Biofuels has two other projects under development: the expansion of its Goshen, Calif., ethanol plant, formerly Phoenix Bio Industries, and an ethanol plant at Carleton, Neb.