MILLENNIUM ETHANOL, LLC 3
3 · MILLENNIUM ETHANOL, LLC · Filed Jul 2, 2007
Insider Transaction Report
Form 3
Rizvi Zafar A
Director
Holdings
- (indirect: See Footnotes)
Subordinated convertible mezzanine debt
→ See Footnote
Footnotes (2)
- [F1]Mr. Rizvi is the President of Farmers Energy Millennium, LLC ("Farmers Energy"), which is the holder of a subordinated convertible mezzanine loan (the "Mezzanine Loan") in the principal amount of $14 million made to the Issuer. Pursuant to the terms of the Mezzanine Loan, Farmers Energy has the right to convert the debt into 20 million Class C Units at $0.90 per unit (or 21,176,470 Class C Units at $0.85 per unit if conversion is requested earlier by the Issuer). The foregoing assumes that Farmers Energy is fully exercising its conversion rights. The conversion rights expire seven years from the earlier of the Issuer's reaching nameplate production or April 1, 2008. Each Class C Unit issued in connection with the conversion rights is convertible into one Class A Unit.
- [F2]Mr. Rizvi disclaims any beneficial ownership of the Issuer's securities reported herein for the purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise.