Pacific Ethanol, Inc. Retires Its Senior Convertible Notes
SACRAMENTO, Calif., Jan. 13, 2014 (GLOBE NEWSWIRE) -- Pacific Ethanol, Inc.
(Nasdaq:PEIX), the leading marketer and producer of low-carbon renewable fuels
in the Western United States, announced it has retired in full its $14.0
million senior convertible notes.
Neil Koehler, the company's president and CEO, stated: "The full retirement of
our senior notes strengthens our balance sheet by lowering our overall debt
balances. We used the proceeds from these notes to retire or extend the
remaining plant debt that matured in June 2013 and to increase our ownership
in the Pacific Ethanol Plants. In the current positive operating margin
environment, the Pacific Ethanol Plants are contributing significantly to our
earnings, demonstrating the value of these assets and the impact of our
About Pacific Ethanol, Inc.
Pacific Ethanol, Inc. (Nasdaq:PEIX) is the leading marketer and producer of
low-carbon renewable fuels in the Western United States. Pacific Ethanol also
sells co-products, including wet distillers grain ("WDG"), a nutritious 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 New PE Holdco LLC, 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 idled facility is located in Madera, California.
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.net.
CONTACT: Company IR Contact:
Pacific Ethanol, Inc.
IR Agency Contact:
Pacific Ethanol, Inc.
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