Key Developments: Pacific Ethanol Inc (PEIX.A)
4.82USD
23 May 2013
$-0.23 (-4.55%)
$5.05
$4.95
$4.95
$4.82
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Latest Key Developments (Source: Significant Developments)
Chromatin and Pacific Ethanol Inc Sign Multi-Year Agreement for Locally-Grown Sorghum in Ethanol Production
Pacific Ethanol Inc and Chromatin, Inc., provider of crop breeding technology, sorghum seed products and feedstocks announced they have entered into a multi-year agreement to produce, deliver and use locally grown sorghum in the production of ethanol. The agreement covers up to 30,000 acres of Chromatin sorghum to be grown over multiple years and supplied to Pacific Ethanol. Full Article
Pacific Ethanol Inc's Pacific Ethanol Holding Co. LLC and Pacific Ethanol Announces New $10.0 Million Revolving Credit Line
Pacific Ethanol Inc announced that Pacific Ethanol Holding Co. LLC and the Pacific Ethanol plants have secured a new $10.0 million revolving line of credit with certain of their existing lenders. Credit Suisse Loan Funding LLC acted as the syndication agent for the credit facility. The credit facility provides additional working capital to support plant operations and augments the Pacific Ethanol plants' existing $40.0 million revolving credit facility. Full Article
Pacific Ethanol Inc Closes $11.0 Million Public Offering Of Common Stock And Warrants
Pacific Ethanol Inc announced that it has closed its previously announced underwritten public offering of 27.5 million units at a public offering price of $0.40 per unit, for gross offering proceeds of $11.0 million. Each unit consists of one share of common stock and one warrant to purchase one share of common stock (Warrant). The shares of common stock and Warrants are immediately separable and were issued separately. The Warrants are exercisable immediately. The Warrants have a 3-year term and an exercise price of $0.59 per share. The Company intends to use the net proceeds from the offering to fully repay its $10.0 million in senior unsecured notes that are due in April 2013, with the balance to be used for general corporate purposes. Lazard Capital Markets LLC acted as sole book-running manager for the offering. Full Article
Pacific Ethanol Inc Prices $11.0 Million Public Offering Of Common Stock And Warrants
Pacific Ethanol Inc announced that it has priced an underwritten public offering of 27.5 million units at a price to the public of $0.40 per unit, for gross offering proceeds of $11.0 million. The Company intends to use the net proceeds from the offering to fully repay $10.0 million in senior unsecured notes that are due in April 2013, with the balance to be used for general corporate purposes. Under the terms of the offering, each unit consists of one share of common stock and one warrant to purchase one share of common stock. The shares of common stock and warrants are immediately separable and will be issued separately. The Warrants are exercisable immediately upon issuance. The Warrants have a three-year term and an exercise price of $0.59 per share. The net offering proceeds to Pacific Ethanol from this offering are expected to be approximately $10.1 million, after deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on or about September 26, 2012. Lazard Capital Markets LLC is acting as sole book-running manager for the offering. Full Article
Pacific Ethanol Inc Proposes Offering of Common Stock
Pacific Ethanol Inc announced that it intends to offer units consisting of shares of common stock and warrants in an underwritten public offering. The Company also expects to grant the underwriter a 30-day option to purchase additional units of common stock to cover over-allotments, if any. Lazard Capital Markets LLC is acting as the sole book-running manager for the offering. While the offering is expected to price on September 21, 2012, the offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Full Article
Pacific Ethanol Inc Closes Acquisition Increasing Ownership Interest In Plants To 67%
Pacific Ethanol Inc announced that it closed its acquisition of an additional 33% ownership interest in New PE Holdco LLC, the owner of the Pacific Ethanol plants. The acquisition was previously announced on June 27, 2012. The Company holds a 67% ownership interest in New PE Holdco LLC. The aggregate purchase price of the 33% ownership interest was $20.0 million. On July 13, 2012, the Company paid $10.0 million in cash and issued $10.0 million in aggregate principal amount of senior unsecured notes to the sellers. The notes are due April 13, 2013 and accrue interest at a rate of 5% per annum. Full Article
Pacific Ethanol Inc Closes $12.0 Million Public Offering Of Common Stock And Warrants
Pacific Ethanol Inc announced it has closed its previously announced underwritten public offering of 28.0 million units at a public offering price of $0.43 per unit, for gross offering proceeds of $12.0 million. Each unit consists of one share of common stock; one warrant to purchase one share of common stock (Series I Warrant); and one warrant to purchase 1/2 of a share of common stock (Series II Warrant). The shares of common stock and warrants are immediately separable and were issued separately. The warrants are exercisable immediately. The Series I Warrants have a five-year term and an exercise price of $0.63 per share. The Series II Warrants have an 18-month term and an exercise price of $0.53 per share. The Company intends to use approximately $10.0 million of the net proceeds from the offering together with senior unsecured notes in the original principal amount of approximately $10.0 million, to purchase 33% of the outstanding ownership interests in New PE Holdco LLC, after which it will hold a 67.25% ownership interest in New PE Holdco LLC. The company intends to use the remainder of the net proceeds from the offering for general corporate purposes, which may include, among other things, working capital requirements, capital expenditures, acquisitions, and the repayment of outstanding indebtedness. Lazard Capital Markets LLC acted as sole book-running manager for the offering. Full Article
Pacific Ethanol Inc Prices $12.0 Million Public Offering Of Common Stock And Warrants
Pacific Ethanol Inc announced that it has priced an underwritten public offering of 28.0 million units at a price to the public of $0.43 per unit, for gross offering proceeds of $12.0 million. Each unit consists of one share of common stock; one warrant to purchase one share of common stock; and one warrant to purchase 1/2 of a share of common stock. The shares of common stock and warrants are immediately separable and will be issued separately. The warrants are exercisable immediately upon issuance. The Series I Warrants are to have a five-year term and an exercise price of $0.63 per share. The Series II Warrants are to have an 18-month term and an exercise price of $0.53 per share. The warrants will be certificated, and will be delivered to the investors by physical delivery following the closing. There is no established public trading market for the warrants and a market is not expected to develop. In addition, Pacific Ethanol has granted the underwriter a 30-day option to purchase up to an additional 4.2 million units to cover over-allotments, if any. The net offering proceeds to Pacific Ethanol from this offering are expected to be approximately $10.8 million, after deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on or about July 3, 2012. Lazard Capital Markets LLC is acting as sole book-running manager for the offering. Full Article
Pacific Ethanol Inc Announces Proposed Offering Of Common Stock And Warrants
Pacific Ethanol Inc announced that it intends to offer units consisting of shares of common stock and warrants in an underwritten public offering. The Company also expects to grant the underwriter a 30-day option to purchase additional shares of common stock to cover over-allotments, if any. Lazard Capital Markets LLC is acting as the sole book-running manager for the offering. While the offering is expected to price on June 28, 2012, the offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Full Article
Pacific Ethanol Inc. Extends And Increases Kinergy's Credit Facility With Wells Fargo
Pacific Ethanol Inc. announced it has extended the credit facility of its subsidiary, Kinergy Marketing LLC. The renewal with Wells Fargo Capital Finance, LLC extends the term for an additional two years, lowers the stated interest rate by 1.00% and increases the maximum amount of the credit facility from up to $35 million to up to $40 million, which includes a $10 million accordion feature allowing an increase in the amounts available for borrowing, subject to certain conditions, to the full $40 million. The prior credit facility included an accordion feature of $5 million. In addition, the borrowing base of the credit facility includes the accounts of Pacific Ag. Products, LLC (PAP), the Company's feed marketing subsidiary. The credit facility matures on December 31, 2015. Full Article
Pacific Ethanol says importing sorghum to make biofuel
March 28 - Pacific Ethanol Inc said that it is importing sorghum as well as buying the grain from domestic sources as prices for corn, the primary feedstock for the U.S. ethanol industry, hovered near historic highs.
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