Pannonia Ethanol

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Situation Analysis

Pannonia Ethanol, a Hungarian company, sought senior debt funding from the Export-Import Bank of the United States (US Ex-Im Bank) and the Overseas Private Investment Corporation (OPIC) to construct a 52,250,000 gallon per year corn to ethanol facility in Dunaföldvár, Hungary.

Fagen Inc., a  Granite Falls, Minnesota-based ethanol developer and construction firm, is an active participant in the project. Construction of the facility is expected to be completed in 2012.

Fieldstone Role

Following a competitive bidding process, Fieldstone acted as the exclusive financial advisor to US Ex-Im Bank for its portion of the Senior Credit Facilities.

Participated in negotiations between Pannonia Ethanol and US Ex-Im Bank and provided assistance in resolving inter-creditor issues between US Ex-Im Bank and OPIC.

Performed financial analyses including financial modeling, Monte-Carlo simulations and multiple sensitivities.