MVC Capital, Inc. announced that it had commited an investment worth US$9.5 million to Biogenic Reagents. Biogenic Reagents is a manufacturer of high-performance carbon goods made from renewable resources. MVC Capital is a business development firm that provides private debt and equity investments to other companies.
Under the agreement, MVC Capital will provide Biogenic Reagents a US$9.5 million senior secured convertible note with a five year maturity. Biogenic Reagents will use the funds to construct an additional reactor facility at the carbon producer's manufacturing facility situated in Marquette, Michigan. Biogenic had already received solid support from the State of Michigan. The Michigan Economic Development Corporation and the Michigan Strategic Fund have both invested in the company previously.
"We are pleased to partner with Biogenic, as they continue to expand their footprint and grow their operations. Biogenic has developed an innovative solution manufactured in its leading-edge production facility that provides a higher performing set of activated carbon products at a lower price point. We are impressed by Biogenic's strong management team and competitive advantage made possible by their unique process, technology and utilization of feedstock," MVC Capital portfolio manager and chairman Michael Tokarz explained.
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