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Standard & Poors and Moody´s assign "B" and "B2" ratings respectively to Abengoa Bioenergy´s Nebraska ethanol project

September 29, 2005

Nordic Biofuels of Ravenna, L.L.C, a Nebraska limited liability company doing business as Abengoa Bioenergy of Ravenna (ABR), and a wholly owned subsidiary of Abengoa Bioenergy Corporation, has been assigned a “B” rating by Standard & Poors, and a “B2"rating by Moody´s for its $120 million senior secured term loan.

Proceeds of the loan will be used to finance the construction of a new 88 million gallon per year (MGPY) ethanol plant in Ravenna, Nebraska. In addition to construction costs, the loan proceeds will provide for initial working capital; fund a one-year debt service reserve; and will pay fees and expenses of the financing, all on a non-recourse project finance basis. Solicitations have been sent to various financial institutions inviting them to participate in the credit facility, and upon closing of the transaction, ABR's capitalization structure will consist of the term loan proceeds plus approximately $47 million of equity capital contributed by Abengoa Bioenergy Corporation. Credit Suisse First Boston is acting as lead arranger for the loan.

Abengoa Bioenergy expects to complete the financing for this project, achieve a financial closing, and start construction on the facility before the end of October of this year.

ABR was formed to develop, own and operate the 88 MGPY ethanol facility in Ravenna, Nebraska. Headquartered in St. Louis, Missouri, ABR is 100% owned by Abengoa Bioenergy Corporation, which is an indirect subsidiary of Abengoa S.A., a Spanish industrial and technology company with consolidated 2004 revenues of 1.7 billion euros.

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