Credit Suisse has launched syndication of an eight-year, $87.5 million term loan "B" to fund the construction and running of the Central Illinois Energy project. The deal, which hit the market last Tuesday, is being used by the energy provider for general day-to-day operations of the project and general corporate purposes.
The project is run by the Central Illinois Energy Cooperative, a group formed specifically for the development of the facility. The construction of the plant will cost around $49 million; $28 million will be allocated to create a separate waste coal generating facility and $13 million will be used for working capital
Central Illinois Energy is being constructed in Fulton County and is a facility that will transfer bushels of corn into ethanol. A spokesman at Lurgi PSI, a Memphis, Tenn.-based engineering company that is designing and building Central Illinois Energy, declined to comment. Calls to Credit Suisse were not returned.