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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

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