Pacific Ethanol issues stock offer at $16

In California, Pacific Ethanol announced it has priced an underwritten offering of 1,750,000 shares of its common stock at a price to the public of $16.00 per share, for gross offering proceeds of $28.0 million. Lazard Capital Markets LLC and Cowen and Company, LLC are acting as joint book-running managers for the offering.

The net offering proceeds to Pacific Ethanol from this offering are expected to be approximately $26.0 million, after deducting underwriting discounts and commissions and other estimated offering expenses. Pacific Ethanol intends to use the net proceeds from the offering to pay approximately $0.9 million in outstanding principal and accrued and unpaid interest owed under the terms of its senior unsecured notes, and will use the remaining balance of the net proceeds from the offering for general corporate purposes. The offering is expected to close on or about April 8, 2014, subject to customary closing conditions.