36 t ransact ions
INEos BIo Jv rEcEIvEs commItmENt for $75 mIllIoN usDA loAN
guArANtEE INEos Bio and its joint venture partner, New planet Energy, recently announced they have received a conditional commitment for a $75 million loan guarantee from the u.s. Department of Agriculture’s (usDA) 9003 Biorefinery Assistance program. funds will be used for the construction of the world’s first INEos BioEnergy center to be situated near vero Beach, florida. The BioEnergy Center will produce eight
million gallons (24,000 tonnes) of advanced biofuel per year together with six megawatts (gross) of renewable power from biomass including yard, vegetative and wood wastes and municipal solid waste. Financing from the USDA program is provided to advance the next generation bioenergy technologies into the commercial sector. “We are encouraged by the continued
confidence and commitment the U.S. Government has shown in assisting with the commercial development of this new bioenergy technology,” said Peter Williams, CEO of INEOS Bio and Chairman of INEOS New Planet BioEnergy. “These programs are providing the funds needed to enable the U.S. to achieve a leading position in the bioenergy sector through projects such as ours. As well as directly assisting construction of the INEOS New Planet BioEnergy commercial plant, the loan guarantee also represents an important step along the road to replication of this exciting new technology through INEOS Bio’s licensing program.” The USDA 9003 program provides
guaranteed loans for the development and construction of commercial-scale biorefineries or for the retrofitting of existing facilities using eligible technology for the development of advanced biofuels. fi
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soDrugEstvo AcQuIrEs lIDEr ArmAZENs gErAIs
s.A. IN BrAZIl sodrugestvo group has acquired 100% of liders Armazens gerais s.A. lider, the largest Brazilian private company engaged in the storage and transshipment of grains, who owns 15 warehouses located in Brazil’s fastest growing agricultural regions. All warehouses are leased to leading agricultural companies, including sodrugestvo, through exclusive long-term agreements. lider also owns and operates for vale two transshipment terminals in minas gerais and tocantins. The acquisition of Lider allows
Sodrugestvo to increase its static storage capacity from the existing 600,000 tons to almost 900,000 tons in the States of Sao Paulo, Minas Gerais and Goias. This capacity increase will allow it to provide an even better service to Brazilian agricultural operators in these key regions. It will also continue to invest heavily in coordination with Vale to make sure that its new transshipment facilities offer the best possible value to all market participants, while the ever increasing crops create more and more challenges to bring grains to ports. Sodrugestvo was advised for the
transaction by Machado Meyer. The acquisition was entirely financed by Sodrugestvo’s own fund, without recourse to debt. Almeida Bugelli e Valença Advogados
Associados represented the sellers in the deal, reinforcing a long standing working relationship. Mrs. Silvia Bugelli, senior partner (responsible for the corporate, capital markets and banking area), led the team throughout the deal together with Michelle Marie Morcos, João Filipe Gomes Pinto and Raphael Augusto Caramuru Fernandes. The Lider operation will be integrated into
Carol-Sodru S.A., the joint-venture between Sodrugestvo and CAROL, that already operates 14 in the States of Sao Paulo, Goias, Minas Gerais. fi
NoBlE ENErgY AcQuIrEs 50% stAkE IN mArcEllus shAlE holDINgs from
coNsol ENErgY Noble Energy has agreed to pay $3.4 billion for a 50 percent stake in consol Energy’s venture in the huge marcellus shale formation, reflecting the strong demand for natural gas assets. Under the terms of the deal, Noble will
team up with Consol on its 663,350-acre project in the Marcellus shale in West Virginia and Pennsylvania, and will pay $2.13 billion to Consol in drilling costs. With the joint development venture,
Noble and Consol plan to quadruple the number of drilling rigs in the Marcellus formation to 16 horizontal rigs by 2015. Noble will also pay $160 million for Consol’s existing wells and $59 million for half of Consol’s gathering assets. Teaming up with Noble will allow Consol
to speed the development of the Marcellus portion it bought from Dominion Resources for $3.48 billion in 2010. That deal was said to increase Consol’s natural gas reserves by more than 50 percent, to about 3 trillion cubic feet. J. Brett Harvey, Consol’s chairman and
chief executive officer, said: “This agreement will benefit the regional economy, the communities in which we operate, our employees and our respective companies. Together we will be able to accelerate the development of this significant resource safely, efficiently and economically.” Consol was advised by Jefferies &
Company and represented by the law firms Vinson & Elkins and Wachtell, Lipton, Rosen & Katz. Porter Hedges was lead counsel for
Noble Energy in the acquisition, led by Energy Partner, Randy King. fi
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OCTOBER 2011
www.finance-monthly.com
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