The EB-5 Phase I funding was used to refinance the high interest rate loan for the company’s Keyes ethanol plant. The $36 million was raised from 72 foreign investors, and $25 million has been used to date for reducing a higher cost bridge loan.
Combined with the elimination of loan feed for a $68.5 million senior bridge loan, the company will save more than $12 million annually—an increase of about 60 cents/share, Aemetis says.
The proceeds from the $50-million funding announced today will also be released from escrow about a month after deposit, compared with the 18 months required by the earlier loan, says Aemetis chairman and CEO Eric McAfee.