BioAmber secures C$20M loan for Sarnia plant BioAmber announced that its Canadian subsidiary BioAmber Sarnia, a joint venture with Mitsui & Co., has secured a C$20M commercial loan from a financial consortium led by Export Development Canada and including Farm Credit Canada and Comerica Bank. The C$20M senior secured loan will bear interest at an initial rate of 8%, tied to an agreed-on floating rate calculation from disbursement. When completed, the plant will convert Canadian agricultural products into bio-based succinic acid, a value added building block chemical that is used in a wide variety of everyday products. BioAmber projects that over 90% of the 30,000 MT annual capacity will be exported.
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