Pacific Ethanol, Inc., which is emerging from a 2009 bankruptcy, announced today it has completed another combined stock-and-warrant offering that yielded $11 million for the renewable energy firm.
The Sacramento-based company said it sold 27.5 million units, priced at 40 cents each, consisting of one share of common stock and one warrant to purchase an additional share. The warrants have a three-year term and carry an exercise price of 59 cents per share.
The company said it will use $10 million of the proceeds to repay unsecured debt due in 2013, while using the remainder for general corporate purposes.
It's Pacific Ethanol's second public offering in recent months, part of an effort to regain ownership of the company's production plants surrendered in its Chapter 11 bankruptcy. As of the second quarter, Pacific Ethanol had acquired 67 percent ownership of its four plants in California, Idaho and Oregon, including a working facility in Stockton and an idled plant in Madera.
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