GreenField Ethanol Completes $405M Senior Secured Credit Facilities

On December 28, 2006, GreenField Ethanol Inc. (formerly known as Commercial Alcohols Inc.) completed $405 million senior secured credit facilities with a syndicate of lenders in which Royal Bank of Canada and The Bank of Nova Scotia acted as co-lead arrangers and Royal Bank of Canada acted as administrative agent.

The senior credit facilities refinanced GreenField's existing credit facilities and provided additional financing to assist with the completion this month of GreenField's new 140 million litre per year fuel ethanol plant in Varennes, Quebec, with the proposed construction of two new 200 million litre per year fuel ethanol plants in Hensall, Ontario and Johnstown, Ontario, and with other capital projects.

GreenField also completed a $60 million unsecured subordinated financing provided by Fonds de Solidarité des Travailleurs du Québec (F.T.Q.), a Quebec based development capital fund, to assist with the construction of the fuel ethanol plant in Varennes, Quebec.

GreenField was represented by Malcolm West, vice-president, corporate finance, Donald Pierce, executive vice-president, and Brian Keith, vice-president, general counsel and secretary. Borden Ladner Gervais LLP acted as counsel to GreenField with a team led by Andrew Harrison and including Bruce Fowler, Paul McCarten, Glen Bowman, Alfred Page, Janette Pantry, Gus Karantzoulis and Leonard Lee. Paul Smith of Stewart McKelvey in New Brunswick, Tricia Begg of Day Pitney LLP in Connecticut and Tom Halbleib of Stites & Harbison, PLLC in Kentucky also acted for GreenField.

The senior lending syndicate was represented by Torys LLP, with a team that included Adam Delean, Bela Halasz, Vanessa Kee, Matthew Franks, Don Roger, Mirek Fajt, Nichole Cortese, Danielle Townley and Ken Fone (real estate), John Tobin (tax), and Dennis Mahony and Tyson Dyck (environmental). Jean Lamothe and Benoit Lavigne of Stikeman Elliott LLP (Montreal) acted for the subordinated lender.

The senior lending syndicate led by The Bank of Nova Scotia that were repaid from proceeds of the senior credit facilities was represented by James Mathers of Borden Ladner Gervais LLP.

Lawyer(s)

James W. Mathers Vanessa A. Kee C. Paul W. Smith Jean G. Lamothe Gus Karantzoulis Janette Y. Pantry Alfred L.J. Page Bela Halasz Glen A. Bowman Leonard Lee Benoît Lavigne W. Paul McCarten Tyson W. Dyck Miroslav M. Fajt John J. Tobin Adam E. Delean Danielle A. Townley Dennis E. Mahony

Firm(s)

Borden Ladner Gervais LLP (BLG) Stewart McKelvey Day Pitney LLP Stites & Harbison PLLC Torys LLP Stikeman Elliott LLP