Pannonia Ethanol will get $17 million of mezzanine financing for a corn ethanol plant in Hungary, according to debt provider Cordiant Capital Inc.
Cordiant joins the Overseas Private Investment Corporation and the Export-Import Bank of the United States in funding the $214 million project, the Montreal-based fund manager said in an e-mailed statement. Cordiant specializes in loans to emerging markets.
The new plant, located in Dunafoldvar, will process about 575,000 tons of corn a year, according to the statement. Mezzanine debt is a type of leveraged loan repaid after senior loans.