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Pacific Ethanol extends gains after refinancing promissory notes

Published 09/19/2017, 09:04 AM
© Reuters.  Pacific Ethanol extends gains after refinancing promissory notes
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  • Pacific Ethanol (NASDAQ:PEIX) +2.8% premarket following yesterday's 3.8% boost as it refinanced $47.5M in secured promissory notes tied to its June acquisition of Illinois Corn Processing.
  • To repay the notes, PEIX used $6M of cash on hand and $42M in proceeds from new term and revolving debt financing with CoBank.
  • "With the CoBank term loan and revolving credit facility, we further strengthen our balance sheet with lower cost and longer-term debt," CEO Neil Koehler said yesterday.
  • Now read: Pacific Ethanol - A Good Value Under


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