Valero Renewable Fuels successfully bids for VSE Group assets

Wed. March 18, 2009; Posted: 05:00 AM

Mar 18, 2009 (Datamonitor via COMTEX) -- VSUNQ | Quote | Chart | News | PowerRating -- VeraSun Energy has selected Valero Renewable Fuels as the successful bidder for assets of the VSE Group, in addition to ethanol production facilities in Albion, Nebraska, and Albert City, Iowa, following an auction in Delaware.

The VSE Group consists of production facilities in Aurora, South Dakota; Charles City, Fort Dodge and Hartley, Iowa; Welcome, Minnesota; and a development site in Reynolds, Indiana.

Upon the conclusion of the auction, VeraSun has selected Valero as the successful bidder to purchase the VSE Group facilities for a base purchase price of $350 million, $72 million for the US Bio Energy facility in Albert City, Iowa and $55 million for the ASA facility in Albion, Nebraska, plus working capital and other certain adjustments.

The secured lenders for the remaining facilities submitted successful credit bids. Dougherty Funding has submitted a credit bid of $93 million for the Marion, South Dakota production facility.

A group of lenders led by AgStar Financial Services has submitted a credit bid of $324 million for the remaining US BioEnergy Group, which includes ethanol production facilities in Central City and Ord, Nebraska; Dyersville, Iowa; Hankinson, North Dakota; Janesville, Minnesota, and Woodbury, Michigan.

A group of lenders led by West LB submitted a credit bid of $99 million for the remaining ASA Group facilities, consisting of production facilities in Bloomingburg, Ohio and Linden, Indiana.

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