Rodman & Renshaw analyst Amit Dayal said Gevo's announcement that it had entered into an exchange agreement with WB Gevo Ltd., the holder of its senior secured convertible notes, due June 23, 2017, removes an overhang. TWB Gevo has agreed to exchange all $16.5M worth of notes it held with newly created 12% senior secured notes due March 15, 2020. The analyst believes that the successful commercial airline flights, powered by Gevo's isobutanol produced using non-cellulosic and cellulosic sources, should help the company secure long-term contracts for ATJ sales. Dayal rates Gevo a Buy with a $12 price target.