Funds managed by Lapis Advisers, LP have provided $24,000,000 in a senior secured bond financing to Prairie Catalytic, LLC. Proceeds will be utilized to partially fund a 50,000 metric tons per year ethyl acetate production facility co-located at Archer Daniels Midland Company’s Columbus, Nebraska ethanol production facility. A majority of the bonds benefit from a United States Department of Agriculture guarantee through their Business and Industry Guaranteed Loan Program. Sagar Gadewar, President and Chief Executive Officer of Prairie Catalytic, LLC, commented “the Lapis team worked diligently to deliver us financing under a compressed timeframe in order to keep our project on schedule.” Kjerstin Hatch, Founder and Managing Principal of Lapis Advisers, LP noted “Our investment in Prairie Catalytic is representative of the relationships we seek to develop. We are pleased to be a capital partner for this project–which has garnered federal, state and local support–as Prairie Catalytic begins to commercialize their renewable process technology.”
Lapis Advisers provides project financing to Prairie Catalytic
