REG Grays Harbor Secures Additional $5 Million Credit Facility from Umpqua Bank
October 12 2016 - 1:22PM
Business Wire
NOTE: A video on this topic can be viewed at this link:
https://youtu.be/b74Ydl9iWUY
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View the full release here:
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REG Grays Harbor is a 100-million gallon
nameplate biodiesel refinery (center) and terminal operations at
the Port of Grays Harbor near Hoquiam, Washington. (Photo: Business
Wire)
REG Grays Harbor, LLC, a wholly-owned subsidiary of Renewable
Energy Group, Inc. (NASDAQ:REGI), has secured an additional $5
million credit facility from Umpqua Bank to fund further capital
expenditures and improvements at the 100 million gallon nameplate
biodiesel refinery, the company announced today.
REG secured an initial $5 million non-revolving credit facility
from Umpqua when the company acquired the biorefinery in August
2015. Of that line of credit, $4.5 million was used for capital
improvements at the facility through July 2016.
“This new credit facility gives REG Grays Harbor additional
capital to further enhance the plant’s capabilities and other
continuous improvement projects,” said Chad Stone, REG Chief
Financial Officer. “We appreciate the confidence Umpqua Bank has
shown in REG more specifically in the operations at Grays Harbor,
and we are grateful for Umpqua’s support.”
“We are very pleased with the Grays Harbor team and the
biorefinery’s contribution to our network during its first year
with REG,” said Derek Winkel, General Manager, REG Grays Harbor and
Executive Director, Manufacturing Operations.
Officials at Umpqua also welcomed the investment. “We have
enjoyed our relationship with REG Grays Harbor as a corporate
banking partner and are happy to be a part of the company’s
growth,” said Richard Cabrera, Executive Vice President, Corporate
Banking for Umpqua Bank. “Not only is the company a vibrant member
of our business community, but also a role model for innovation by
providing socially conscious and environmentally friendly renewable
fuel. We value our association with REG Grays Harbor and look
forward to our continued contribution to its success.”
The Grays Harbor facility is REG’s largest biorefinery and one
of 11 biomass-based diesel plants across the United States that
make REG the leading North American producer of advanced biofuel
with a total nameplate capacity of 452 million gallons
annually.
A video about Grays Harbor, part of a series celebrating REG’s
10-year anniversary as an independent company, can be viewed at the
company’s website, www.regi.com or by clicking here to view the
video on REG’s YouTube channel.
About Renewable Energy Group
Renewable Energy Group, Inc. is a leading North American
advanced biofuels producer and developer of renewable chemicals.
REG utilizes a nationwide production, distribution and logistics
system as part of an integrated value chain model to focus on
converting natural fats, oils and greases into advanced biofuels
and converting diverse feedstocks into renewable chemicals. With 12
active biorefineries across the country, research and development
capabilities and a diverse and growing intellectual property
portfolio, REG is committed to being a long-term leader in
bio-based fuels and chemicals.
For more than a decade, REG has been a reliable supplier of
advanced biofuels which meet or exceed ASTM quality specifications.
REG sells REG-9000 biomass-based diesel to distributors so
consumers can have cleaner burning fuels that help diversify the
energy complex and increase energy security. REG-9000 biomass-based
diesel is distributed in most states in the US. REG also markets
ultra-low sulfur diesel and heating oil in the northeastern and
midwestern US. For more information on REG visit our website at
www.regi.com.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements related to the effect of increased
capital on our biorefinery’s capabilities and the commitment of our
lenders to our growth and success.
These forward-looking statements are based on current
expectations, estimates, assumptions and projections that are
subject to change, and actual results may differ materially from
the forward-looking statements. Factors that could cause actual
results to differ materially include, but are not limited to, our
ability to make interest and other payments related to our
indebtedness and the effect of such payments on the cash flow to
fund other expenditures; our ability to borrow additional funds or
refinance our indebtedness; potential changes in governmental
programs and policies requiring or encouraging the use of biofuels;
the future price and volatility of feedstocks, petroleum and
products derived from petroleum; availability of federal and state
governmental tax credits and incentives for biomass-based diesel
production; risks associated with fire or explosion at our
facilities; unanticipated changes in the biomass-based diesel
market from which we generate almost all of our revenues;
competition in the markets in which we operate; our dependence on
sales to a single customer; technological advances or new methods
of biomass-based diesel production or the development of energy
alternatives to biomass-based diesel; and other risks and
uncertainties described from time to time in REG's annual report on
Form 10-K for the year ended December 31, 2015, quarterly reports
on Form 10-Q and other periodic filings with the Securities and
Exchange Commission. All forward-looking statements are made as of
the date of this press release and REG does not undertake to update
any forward-looking statements based on new developments or changes
in our expectations.
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version on businesswire.com: http://www.businesswire.com/news/home/20161012006152/en/
Renewable Energy Group, Inc.Anthony Hulen,
703-822-1972anthony.hulen@regi.com
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