Pacific Ethanol Inc., the Sacramento-based producer and marketer of renewable fuels, said today that it has closed agreements to increase ownership of its plants to 80 percent.
PEI also said it has improved its debt position.
In October, PEI announced repayment of $10 million in loans that were used to help buy back a 67 percent stake in its four production plants - part of a process that began with a 2009 bankruptcy filing by PEI's production subsidiaries.
PEI purchased the additional 13 percent ownership interest in New PE Holdco LLC.
Under the terms of the latest agreements, the company said it purchased $21.54 million of secured term debt of the PEI plants and extended the maturity date of the purchased term debt from June 2013 to June 2016.
To fund transactions, the company issued $22.2 million of senior unsecured notes and five-year warrants to purchase 25.6 million shares of the company's common stock.
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