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SynGest Selects Stern Brothers to Secure Financing for its Iowa Bio-Ammonia Project
Construction of $105 Million Facility to Begin in 2010
San Francisco, California – (Mar 25, 2009) – SynGest, Inc. announced that the company has engaged Stern Brothers & Co. to raise capital for its first biomass-to-ammonia plant to be located in Menlo, Iowa.
"Our decision to work with Stern Brothers was made after extended discussions with several competing investment bankers," says Jack Oswald, CEO of SynGest. "However, we were particularly impressed with the alternative energy team at Stern Brothers. They have a good understanding and appreciation of the SynGest business model and its long term benefits for investors, farmers and the local community at large."
After the Iowa project is launched this year, SynGest intends to build similar fertilizer mini-plants in other parts of the country. Discussions regarding emerging opportunities are presently underway with interested parties in Ohio, Oregon, Michigan and Minnesota.
Stern Brothers has a national practice in renewable energy finance representing public and private company developers and operators seeking non-recourse project financing in the biomass to fuels and chemicals, ethanol, biodiesel, methane gas and biomass-to-energy sectors.
"While we intend to analyze a broad range of financing options, our primary focus will be on loans and loan guarantees, tax credits, taxable and tax-exempt bonds, and other forms of private and institutional investment," says John May, Managing Director at Stern Brothers. "Our ultimate objective is to put together the lowest cost long term financing package for this first-of-its-kind project. We have reviewed SynGest's proprietary technology, and are confident that it can be put to good and profitable use in Iowa and beyond," he adds.
John May is an experienced project investment banker who has financed over $1 billion in loan and par values for over 100 clients during his 15-year banking career. He is a financial advisor to numerous renewable energy companies and has placed senior and subordinated debt for new projects, expansions and acquisitions. He pioneered the use of state guarantees of debt for financing biofuels projects.
Stern Brothers & Co., member SIPC, is a woman-owned investment bank that was founded in 1917. The company specializes in low-cost, tax-exempt and taxable bond issues, and has offices in St. Louis, Kansas City, Chicago, Denver, Boston, Los Angeles and Tampa.