Nova Biosource secures senior debt financing

By | February 11, 2008
Nova Biosource Fuels Inc. has obtained $41 million in senior secured debt financing, including $5 million for working capital from WestLB AG's New York branch. The capital will help to finance Nova Biosource's 60 MMgy biodiesel production facility under construction in Seneca, Ill. The project is one of three in which the company is developing proprietary technology for utilizing low-cost feedstocks with high concentrations of free fatty acids. It is the first such facility to be project-financed, according to the company. Baker & McKenzie LLP represented Nova Biosource in negotiating the financial package.
 
 
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