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M&A: Heron Lake, AgStar Financial Ink $28MM Term Loan

August 22, 2014, 07:09 AM
Filed Under: Energy

Mergers & Acquisitions reports Heron Lake Bioenergy LLC has entered into a new loan agreement that will allow the ethanol company to repay existing debt. The company, headquartered in Heron Lake, Minnesota, operates a natural gas-fired ethanol plant. The plant produces fuel-grade ethanol, distillers' grains and crude corn oil.

According to the M&A article, Heron Lake has entered into a new loan agreement with AgStar Financial Services FCLA for a $28 million revolving term loan that will allow it to repay money it owes the lender from a previous facility, the company said in an Aug. 11 filing with the U.S. Securities and Exchange Commission. The money will also allow Heron to provide a $3.05 million loan to subsidiary Agrinatural Gas LLC so it can repay debt, provide working capital, and pay fees in connection with the company's refinancing.

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