NEDAK Ethanol completes financial restructuring

In Nebraska, Ascendant Financial Partners completed a capital restructuring for NEDAK Ethanol that included the amendment of NEDAK’s credit agreements and the closing of a private equity offering, for the operator of a 44 million gallon ethanol plant in Atkinson, Nebraska.

NEDAK’s restructuring consisted of amending its senior loan facility with AgCountry Farm Credit Services, FLCA (AgCountry) and its TIF loan with Arbor Bank of Omaha. As part of the restructuring, NEDAK also raised $10 million of equity capital from new and existing investors with over half of the new equity coming from existing members and local producers. In connection with the restructuring NEDAK also entered into an Asset Management Agreement with Tenaska BioFuels, LLC (TBF).