Pacific Ethanol Retires $17 Million in Plant Term Debt
March 09 2016 - 07:46PM
Pacific Ethanol, Inc. (NASDAQ:PEIX), a leading
producer and marketer of low-carbon renewable fuels in the United
States, announced it has paid in cash and retired the remaining
$17.0 million in consolidated plant debt related to its West Coast
production facilities. The final payment was made at par, with the
lender waving the pre-payment penalty.
Neil Koehler, Pacific Ethanol’s president and
CEO stated, “Retiring the remaining $17.0 million in debt
obligations related to our Pacific Ethanol West Plants is an
important milestone for the company. Our ability to retire the
legacy plant debt using cash reflects our strengthening financial
position over the past several years. In addition, by lowering our
consolidated debt balance we are significantly reducing our overall
cost of capital, and thus improving future earnings.”
About Pacific Ethanol,
Inc.Pacific Ethanol, Inc. (PEIX) is the leading producer
and marketer of low-carbon renewable fuels in the Western United
States. With the addition of four Midwestern ethanol plants in July
2015, Pacific Ethanol more than doubled the scale of its
operations, entered new markets, and expanded its mission to be the
industry leader in the production and marketing of low carbon
renewable fuels. Pacific Ethanol owns and operates eight ethanol
production facilities, four in the Western states of California,
Oregon and Idaho, and four in the Midwestern states of Illinois and
Nebraska. The plants have a combined production capacity of 515
million gallons per year, produce over one million tons per year of
ethanol co-products such as wet and dry distillers grains, wet and
dry corn gluten feed, condensed distillers solubles, corn gluten
meal, corn germ, corn oil, distillers yeast and CO2. Pacific
Ethanol markets and distributes ethanol and co-products
domestically and internationally. Pacific Ethanol’s subsidiary,
Kinergy Marketing LLC, markets all ethanol for the Pacific Ethanol
plants as well as for third parties, with over 800 million gallons
of ethanol marketed annually based on historical volumes. Pacific
Ethanol’s subsidiary, Pacific Ag. Products LLC, markets wet and dry
distillers grains. For more information, please visit
www.pacificethanol.com.
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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