Biofuel Energy Sets IPO Terms

Biofuel Energy Corp., a Denver-based ethanol producer, set its proposed IPO terms to 9.5 million common shares at between $16 and $18 per share. It had originally filed to raise $300 million, and plans to trade on the Nasdaq under ticker symbol BIOF. JPMorgan, Citigroup and A.G. Edwards are serving as co-lead underwriters. Shareholders include Greenlight Capital, Third Point Partners and Cargill Inc. Biofuel Energy initially plans to construct five large dry-mill ethanol plants on corn-belt sites where Cargill has a strong local presence and, in most cases, adjacent to grain storage facilities owned by or affiliated with them.