Wednesday, January 17, 2018

Credit Unions Fund $112.6 Million Biofuel Loan

A consortium of credit unions funded a $112.6 million loan guaranteed by the United States Department of Agriculture to Ryze Renewables Reno, LLC.

The loan will help support the construction of a biorefinery in Storey County, Nevada.

The loan is the largest to date funded by the USDA Rural Development Biorefinery, Renewable Chemical and Bio based Product Manufacturing Assistance Program.

CU Capital Market Solutions (CMS), an Atlanta-based credit union service organization (CUSO), was the lead loan participation agent for the deal. The loan will be serviced by Greater Commercial Lending, a CUSO owned by the $825 million Greater Nevada Credit Union (Carson City, NV).

Jefferson Financial Federal Credit Union (Metarie, LA) was part of the credit union consortium. In 2017, Jefferson Financial received an injection of $12 million in secondary capital.

Given the size of the loan, this loan should be subject to the Shared National Credit program.

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