VeraSun Energy Closes $125 Million Revolving Credit Facility
Posted on: Monday, 2 June 2008, 09:22 CDT
BROOKINGS, S.D., June 2 /PRNewswire-FirstCall/ -- VeraSun Energy Corp. , one of the nation's largest ethanol producers, today announced that it has entered into a new revolving credit facility with UBS Investment Bank ("UBS"). The new credit facility is available until May 30, 2011 and allows revolving borrowings up to a maximum of $125 million, which includes letters of credit up to a maximum aggregate amount of $40 million. The credit facility is secured by the accounts receivable and inventory of VeraSun Energy and certain of its subsidiaries. VeraSun intends to use proceeds from the facility for general corporate purposes. The credit facility replaces an existing $30 million secured revolving credit facility.
"As previously announced, this credit facility will provide additional liquidity sources to support our accelerated growth," said Danny Herron, President & Chief Financial Officer.
About VeraSun Energy Corporation
VeraSun Energy Corporation , headquartered in Brookings, S.D., is a leading producer of renewable fuel. Founded in 2001, the company has more than one billion gallons of annual ethanol production capacity through 11 operating facilities. Six additional facilities are currently either under construction or development with a combined capacity of 660 million gallons. Upon completion of the new facilities, VeraSun Energy will have an annual production capacity of approximately 1.75 billion gallons. The company announced it started construction at its Aurora facility to extract oil from dried distillers grains for use in biodiesel production.
VeraSun markets E85, a blend of 85 percent ethanol and 15 percent gasoline for use in Flexible Fuel Vehicles (FFVs), directly to fuel retailers under the brand VE85(TM). For more information, please visit VeraSun Energy's websites at http://www.verasun.com/ or http://www.ve85.com/ .
VeraSun Energy Corp.
CONTACT: Investors: Patty Dickerson, +1-605-696-7236,pdickerson@verasun.com, or Media: Mike Lockrem, +1-605-696-7527,mlockrem@verasun.com, both of VeraSun Energy Corp.
Web site: http://www.verasun.com/http://www.ve85.com/
Source: PRNewswire-FirstCall
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