looks like peix just got the upper hand in a big way...
PEIX: Pacific Ethanol announces it completes $84 mln equity inv
2006-04-17 09:46 (New York)
[Live In Play]
PEIX: Pacific Ethanol announces it completes $84 mln equity investment by
Cascade Investment (31.10 +1.82)
[Update]
Co announced today that it has completed the offering and sale of 5,250,000
shares of Series A Cumulative Redeemable Convertible Preferred Stock for $84
mln to Cascade Investment, L.L.C. The shares of preferred stock are
convertible into shares of common stock at an initial conversion ratio of two
shares of common stock for each share of preferred stock which, if converted
immediately, would result in the issuance of 10,500,000 shares of common
stock. PEIX also announced today that it has completed a debt financing for up
to a total of approximately $34 mln with Hudson United Bank, a division of TD
BankNorth, and Comerica Bank. A portion of the proceeds from the preferred
stock offering and all of the proceeds from the debt financing will be used to
complete construction of Pacific Ethanol's ethanol production plant in Madera
County, California. This plant is currently under construction and is
scheduled to be completed and begin operations in the 4Q06. The remaining
portion of the proceeds from the preferred stock offering will be used to pay
a portion of the costs of construction of other ethanol plants on the West
Coast. (Also see 8:36 comment related to this)
Briefing.com, Inc.
