Pacific Ethanol pays off the rest of its corporate debt
In California, Pacific Ethanol announced it has retired in full its $22.2 million in original principal amount of senior unsecured notes by repaying the remaining principal balance of less than $1.0 million.
Neil Koehler, the company’s president and CEO, stated: “With the retirement of our senior unsecured notes, we have eliminated all indebtedness of the parent company, which lowers our overall cost of borrowing, improves profitability and provides a more stable financial condition for continued growth.”
Last wwek, the company closed its previously announced underwritten public offering of 1,750,000 shares of its common stock at a public offering price of $16.00 per share, for gross offering proceeds of $28.0 million.
The net offering proceeds to Pacific Ethanol are expected to be approximately $26.0 million after deducting underwriting discounts and commissions and other estimated offering expenses. The company said that it “intends to use the net proceeds from the offering to fully repay the approximately $0.5 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, including strengthening its balance sheet.”
Category: Fuels
