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
Cisco Systems Inc. (CSCO), the world's largest computer networking gear maker, is accelerating its ability to deliver on growth opportunities, aggressively driving its cloud business, and delivering continued strength in its deferred product revenue, as we sell more of its portfolio in software and cloud models. In fiscal 2016, the company sees a 25% increase in major new product introductions. Sanofi (SNYNF, SNY) reported that its fourth-quarter net income attributable to equity holders decreased to 334 million euros from 1.34 billion euros, last year. Earnings per share was 0.26 euros compared to 1.02 euros. Earnings per share excluding the held for exchange Animal Health Business was 0.41... Tour operator TUI Group reported narrower EBITA loss in its first quarter with increased turnover, driven by strong performances in Northern Region and Cruises. Further, the company said its current trading for Winter 2015/2016 and Summer 2016 remains in line with its expectations. Looking ahead, TUI reiterated its outlook to deliver underlying EBITA growth of at least 10 percent in fiscal 2016.
comments powered by Disqus
Follow RTT