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PURCHASE, N.Y., July 30, 2013 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE:MVC), a publicly traded business development company that makes private debt and equity investments, today announced that it will invest $9.5 million in Biogenic Reagents ("Biogenic"), a producer of high-performance carbon products made from renewable resources.
Under the terms of the transaction, MVC has committed to provide a $9.5 million senior secured convertible note to Biogenic in order to construct additional reactor capacity at the Company's production facility located in Marquette, Michigan. Biogenic has received strong support from the State of Michigan, led by the Michigan Strategic Fund and the Michigan Economic Development Corporation. The note will mature in five years.
Headquartered in Minneapolis, MN, with a subsidiary in Marquette, MI, Biogenic's specialty products include: activated carbon for use in purification of air, water, food and pharmaceuticals; metallurgical carbon for use as a reagent and energy source in the refinement of specialty metals; and thermal carbon for use in energy generation. Biogenic's products are replacing a variety of coal-based products as they can offer better performance with less environmental impact. Biogenic's products include activated carbons that greatly reduce mercury and other emissions from power plants and industrial facilities that allow customers to comply with EPA's stringent new air toxics standards, which require a substantial reduction of mercury emissions and other pollutants by 2015.
"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," said Michael Tokarz, Chairman & Portfolio Manager of MVC Capital, Inc. "We are impressed by Biogenic's strong management team and competitive advantage made possible by their unique process, technology and utilization of feedstock."