On February 14, 2011, acting upon the significant input of Mintz Levin’s Mark J. Riedy, Stern Brothers’ John May, and Krieg DeVault’s John Kirkwood, the U.S. Department of Agriculture (USDA) published its interim final rule for the 9003 Advanced Biofuel Guaranteed Loans program. The USDA’s interim final rule ushered in a host of changes to address the larger issue of making this debt more attractive to investors. Although entirely operative, this interim final rule, however, is not the final rule and a formal comment period ended April 15, 2011 to achieve that end.
The new interim final rule incorporates, among other substantial changes, a unique new bondfinancing mechanism created by Mintz Levin, Stern Brothers, and Krieg DeVault that should serve to enhance the program’s ability to link investors with capital constrained advanced biofuel and bioproduct refineries. Also, on March 11, 2011, the USDA issued the Section 9003 fiscal year 2011 Notice of Funds Availability (NOFA).
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