REG pays off $34.5m debt on Seneca subsidiary

December 30, 2012 |

In Iowa, the Renewable Energy Group has paid off its $34.5m debt on its Seneca, Illinois subsidiary. “When we acquired Seneca, we believed the restrictive debt structure was appropriate because the plant was purchased out of bankruptcy. As REG Seneca came online and our state-of-the-art production technology was proven, the natural cash flow generated from this 60 million gallon refinery allowed us to pay off the debt,” explained REG Daniel J. Oh, President and CEO. “This debt repayment makes it more likely that we will be able to grow our business, implement new refining technologies, and grow our employee base,” Oh added.

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