Pacific Ethanol retires $14 million in senior convertible notes

In California, Pacific Ethanol announced it has retired in full its $14.0 million senior convertible notes. Neil Koehler, the company’s president and CEO, stated: “The full retirement of our senior notes strengthens our balance sheet by lowering our overall debt balances. We used the proceeds from these notes to retire or extend the remaining plant debt that matured in June 2013 and to increase our ownership in the Pacific Ethanol Plants. In the current positive operating margin environment, the Pacific Ethanol Plants are contributing significantly to our earnings, demonstrating the value of these assets and the impact of our increased ownership.”