BioFuel Energy (BIOF) Higher On Amended Credit Agreement
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Shares of BioFuel Energy Corp. (Nasdaq: BIOF) are surging 50% higher today after announcing after the close that they have amended its credit agreement with BNP Paribas and a group of lenders and converted construction loans.
The company stated: "Following the conversion, the subsidiaries made their first principal payment of $3.2 million to the lenders, which left $195.4 million in aggregate principal amount of term loans outstanding as of September 30, 2009. Under the terms of the amended Credit Agreement, the lenders advanced $3.7 million to fund certain capital improvements at the plants and to pay for professional advisor fees, and have agreed to provide up to $9.7 million in additional loans to make future principal and interest payments under the Credit Agreement. Prior loan commitments in an aggregate amount of $1.7 million were terminated under the amendment. The Company's working capital loans, with an aggregate principal amount of $20.0 million outstanding, were unaffected by the amendment."
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