Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Pacific Ethanol Closes Agreements To Improve Plant Debt Position

RELATED NEWS
Trade PEIX now with 

Pacific Ethanol Inc. (PEIX: Quote), 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.

Click here to receive FREE breaking news email alerts for Pacific Ethanol, Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Consumer confidence in the U.S. improved for the third consecutive month in July, according to a report released by the Conference Board on Tuesday, with the consumer confidence index jumping to its highest level in almost seven years. Stocks have moved mostly higher in early trading on Tuesday after ending the previous session roughly flat. The major averages have climbed into positive territory, although there does not seem to be much conviction behind the upward move. Home prices in major U.S. metropolitan areas continued to increase at a slower pace in the month of May, Standard & Poor's revealed in a report released on Tuesday. The report said the S&P/Case-Shiller 20-City Composite Home Price Index increased at an annual rate of 9.3 percent in May compared to the 10.8 percent growth reported for April.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.