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
Goldman Sachs downgraded the rating of retailer Target Corp. Thursday to sell from neutral over concerns about its increasing competition with e-commerce giant Amazon.com Inc. Target's price target was reduced to $67 from $77. It is expected that the retailer's efforts to compete with Amazon will result in sluggish sales and profits. Catabasis' phase II trial of Edasalonexent in boys affected by Duchenne muscular dystrophy is ongoing, and top-line results are anticipated in the first half of Q1 2017. American Express Co. (AXP) Thursday reported a drop in fourth-quarter profit, as revenues declined 4 percent due to absence of Costco portfolio while provisions for bad loans and marketing costs increased. Earnings fell short of Wall Street estimates, while revenues trumped expectations. New York-based...
comments powered by Disqus
Follow RTT