logo
Share SHARE
FONT-SIZE Plus   Neg

Pacific Ethanol Closes Agreements To Improve Plant Debt Position

Pacific Ethanol Inc. (PEIX), a producer of low-carbon renewable fuels, said Tuesday it has closed agreements to increase its ownership interest in the Pacific Ethanol plants and improve their debt position.

Under the terms, the company purchased $21.54 million of secured term debt of the Pacific Ethanol plants and extended the maturity date of the purchased term debt from June 2013 to June 2016.

The transactions also extend the maturity of the Pacific Ethanol plants' $10.0 million secured revolving credit facility from June 2013 to June 2015.

The company also purchased an additional 13% ownership interest in New PE Holdco LLC, the entity that owns the Pacific Ethanol plants, for $1.3 million, increasing the company's equity ownership to 80%.

To fund these transactions, the company issued $22.2 million of senior unsecured notes, and five-year warrants to purchase an aggregate of 25.6 million shares of the company's common stock.

Lazard Capital Markets LLC served as the sole placement agent in the current transaction.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Computer and printer maker Hewlett-Packard Co. said Thursday after the markets closed that its second quarter profit fell 21% from last year, hurt by lower revenue and costs related to the planned separation of the company. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Accounting software maker Intuit reported a plunge in third-quarter profit, hurt by impairment charges, even as results topped Wall Street estimates, driven by growth in small business segment amid a strong tax season. Struggling teen-apparel retailer Aeropostale Inc. (ARO), Thursday said its first-quarter loss narrowed from a year ago, driven largely by stronger margins even as revenues continued to plunge dropped. Nevertheless, the company lost almost one-fifth of its market value in after-hours trade, with the...
comments powered by Disqus
RELATED NEWS
Trade PEIX now with 
Follow RTT