Pacific Ethanol, Inc. Prices $28 Million Offering of Common Stock
SACRAMENTO, Calif., April 3, 2014 (GLOBE NEWSWIRE) -- 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 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
Safe Harbor Statement under the Private Securities Litigation Reform Act of
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.
IR Agency Contact:
Pacific Ethanol, Inc.
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