Cogenic HVAC

NEW YORK, Feb 21, 2012 (BUSINESS WIRE) –Fitch Ratings assigns a rating of ‘AA-/F1+’, Stable Outlook to the $28,500,000 Indiana Finance Authority economic development revenue bonds, series 2012 (AC Grain LLC project). The rating is based on the support provided by an irrevocable direct-pay letter of credit (LOC) issued by CoBank, ACB (rated ‘AA-/F1+’, Stable Outlook).

The bank is obligated to make payments of principal of and interest on the bonds upon maturity, acceleration and redemption, as well as purchase price for tendered bonds. The ratings will expire upon the earliest of: (a) March 1, 2013, the initial stated expiration date of the LOC, which expiration date will be automatically extended for successive one year terms unless CoBank notifies the trustee and AC Grain LLC that it will not extend the expiration date; (b) conversion to a flexible rate interest period of more than 99 days and to the semiannual, term and fixed rate modes; (c) any prior termination of the LOC; and (d) defeasance of the bonds. The LOC provides full and sufficient coverage of principal plus an amount equal to 109 days of interest at a maximum rate of 10 % based on a year of 365 days and purchase price for tendered bonds, while in the daily, weekly, monthly and quarterly modes and flexible rate modes of interest rate periods of 99 days or less. The Remarketing Agent for the bonds is Thornton Farish Inc. The bonds are expected to be delivered on or about Feb. 23, 2012.

The bonds initially bear interest at a weekly rate, but may be converted to a daily, monthly, quarterly, semiannual, flexible, term or fixed rate. While bonds bear interest in the weekly rate mode, interest payments are on the first business day of each February, May, August and November, commencing May 1, 2012. The trustee is obligated to make timely draws on the LOC to pay principal, interest, and purchase price. Funds drawn under the LOC are held uninvested, and are free from any lien prior to that of the bondholders.

Holders of the bonds may tender their bonds on any business day, provided the paying agent is given the requisite prior notice of the purchase. The bonds are subject to mandatory tender: (1) upon conversion of the interest rate (other than a conversion from a weekly rate to a daily rate and vice versa and from a term rate period to a term rate period of a different duration); (2) the last day of each flexible rate period; (3) upon expiration, substitution or termination of the LOC; and (4) following receipt of written notice from the bank of an event of default under the reimbursement agreement and direction to cause a mandatory tender. The bank has the option of directing an acceleration rather than a mandatory tender upon an event of default under the reimbursement agreement. The bonds shall be accelerated following trustee’s receipt of notice of the non-reinstatement of the LOC interest. Optional and mandatory redemption provisions also apply to the bonds. Additional bonds may be issued under a supplemental indenture, but the trustee is prohibited from drawing on the LOC to make payment on the additional bonds unless the LOC is amended to allow for such payment.

Bond proceeds will be used to finance all or a portion of the cost of the expansion, improvement and equipping of the grain handling facility and related equipment owned and operated by AC Grain LLC located in Dana, Indiana.

Additional information is available at fitchratings.com . The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

–’U.S. Municipal Structured Finance Rating Criteria’, April 25, 2011;

–’Rating Guidelines for Letter of Credit-Supported Bonds’, July 26, 2011.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Rating Criteria

fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=624129

Rating Guidelines for Letter of Credit-Supported Bonds

fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647311

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘ WWW.FITCHRATINGS.COM ‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE.

SOURCE: Fitch Ratings

Fitch Ratings Primary Analyst Ronald P. McGovern, +1-212-908-0513 Senior Director Fitch, Inc. One State Street Plaza New York, NY 10004 or Secondary Analyst Mario Civico, +1-212-908-0796 Senior Director or Committee Chairperson Linda Friedman, +1-212-908-0727 Senior Director or Media Relations: Brian Bertsch, +1-212-908-0549 Email:

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