East West Bank Provides $20MM Term Loan to Anaergia for Rhode Island Bioenergy Facility

Anaergia and its subsidiary, Rhode Island Bioenergy Facility (RIBF), closed a $20 million term loan with East West Bank to finance remaining construction and commissioning of the RIBF project in Johnston, RI, and for working capital. This financing has a seven-year term, and bears interest on U.S. dollar denominated drawn funds at an annual rate equal to the prime rate as published in the Wall Street Journal (or another similar publication selected by the lender) plus 1.25%, subject to adjustment based on a swap agreement to be entered into within ten days after closing, and a floor of 7.5%. The loan is subject to certain positive and negative covenants that are customary for transactions of this nature, including liens and security interests in assets of RIBF.