Aventine Renewable Raises IPO Size

June 26, 2006

© 2006 The Associated Press  

WASHINGTON — Aventine Renewable Energy Holdings Inc. Monday raised the size of its pending initial public offering to 8.06 million shares from 7.75 million shares. The ethanol producer, which originally filed for an IPO March 30, still estimates its offering price range at $37 a share to $41 a share, according to an amended filing Monday with the Securities and Exchange Commission.

The Pekin, Ill.-based company still plans to sell 6.41 million shares, but shareholders have raised the number of shares they are going to sell to 1.65 million shares from the previously planned 1.34 million, according to the filing.

The company granted the underwriters the right to purchase up to about 1.04 million additional shares to cover possible overallotments, up from the 961,538 shares previously set.

As previously disclosed, the company estimated net proceeds from the offering at $237.5 million and said about $169 million will be used to redeem debt. The remainder will be used for general corporate purposes, including the expansion of production capacity through acquisitions and construction of additional production capacity.

The company won’t receive any proceeds from the sale of shares by the selling stockholders.

The company plans to list its stock on the New York Stock Exchange under the symbol “AVR.”

 Source: The Houston Chronicle 

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