Pacific Ethanol, Inc. Prices $28 Million Offering of Common Stock
April 03 2014 - 8:30AM
Pacific Ethanol, Inc. (Nasdaq:PEIX), the leading
producer and marketer of low-carbon renewable fuels in the Western
United States, 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.
The shares of common stock are being offered pursuant to
effective registration statements on Form S-3, together with a
prospectus supplement and accompanying base prospectus, previously
filed with, and declared effective by, the Securities and Exchange
Commission (the "SEC"). The securities may be offered only by means
of a prospectus, including a prospectus supplement, forming a part
of the effective registration statements. A preliminary prospectus
supplement relating to the offering has been filed with the SEC. A
final prospectus supplement relating to the offering will be filed
with the SEC. Copies of the preliminary prospectus supplement and,
when available, the final prospectus supplement relating to these
securities may be obtained by visiting the SEC's website at
www.sec.gov, from Lazard Capital Markets LLC (30 Rockefeller Plaza,
60th Floor, New York, NY 10020 or via telephone at (212) 632-6717)
or from Cowen and Company, LLC (c/o Broadridge Financial Services,
1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus
Department, Phone: 631-274-2806, Fax: 631-254-7140).
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About Pacific Ethanol, Inc.
Pacific Ethanol, Inc. (Nasdaq:PEIX) is the leading producer and
marketer of low-carbon renewable fuels in the Western United
States. Pacific Ethanol also sells co-products, including wet
distillers grain ("WDG"), a nutritional animal feed. Serving
integrated oil companies and gasoline marketers who blend ethanol
into gasoline, Pacific Ethanol provides transportation, storage and
delivery of ethanol through third-party service providers in the
Western United States, primarily in California, Arizona, Nevada,
Utah, Oregon, Colorado, Idaho and Washington. Pacific Ethanol has a
91% ownership interest in PE Op Co., the owner of four ethanol
production facilities. Pacific Ethanol operates and manages the
four ethanol production facilities, which have a combined annual
production capacity of 200 million gallons. The facilities in
operation are located in Boardman, Oregon, Burley, Idaho and
Stockton, California, and one facility is located in Madera,
California that is currently being restarted. The facilities are
near their respective fuel and feed customers, offering significant
timing, transportation cost and logistical advantages. Pacific
Ethanol's subsidiary, Kinergy Marketing, LLC, markets ethanol from
Pacific Ethanol's managed plants and from other third-party
production facilities, and another subsidiary, Pacific Ag.
Products, LLC, markets WDG. For more information please visit
www.pacificethanol.com.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
With the exception of historical information, the matters
discussed in this press release including, without limitation, the
ability of Pacific Ethanol to continue as leading producer and
marketer of low-carbon renewable fuels in the Western United
States; and the ability of Pacific Ethanol to close the offering,
which is subject to various closing conditions, at the time and on
the terms and conditions contemplated in this press release, are
forward-looking statements and considerations that involve a number
of risks and uncertainties. The actual future results of Pacific
Ethanol could differ from those statements. Factors that could
cause or contribute to such differences include, but are not
limited to, adverse economic and market conditions; changes in
governmental regulations and policies; and other events, factors
and risks previously and from time to time disclosed in Pacific
Ethanol's filings with the Securities and Exchange Commission
including, specifically, those factors set forth in the "Risk
Factors" section contained in Pacific Ethanol's Form 10-K and the
preliminary prospectus relating to the offering filed with the
Securities and Exchange Commission on March 31, 2014 and April 2,
2014, respectively.
CONTACT: Company IR Contact:
Pacific Ethanol, Inc.
916-403-2755
866-508-4969
Investorrelations@pacificethanol.com
IR Agency Contact:
Becky Herrick
LHA
415-433-3777
Media Contact:
Paul Koehler
Pacific Ethanol, Inc.
916-403-2790
paulk@pacificethanol.com
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