und zwei fonds haben schon gemeldet!!
Goldman, Heights, Hudson Bay, Iroquois to Invest $35M in Pacific Ethanol
Posted September 28, 2010 11:57AM PST
Goldman Sachs Group, Heights Capital Management, Hudson Bay Capital Management and Iroquois Capital are investing $35 million in a private placement of convertible debt and warrants of Pacific Ethanol, a producer of low-carbon renewable fuels that emerged from bankruptcy in June.
Sacramento, Calif.-based Pacific Ethanol is issuing convertible senior notes that will mature in January 2012 and pay a coupon of 8% in cash or stock. The notes will initially be convertible into common stock at 85 cents a share. That's a discount of 22% to the price where Pacific Ethanol stock closed yesterday. The conversion price is subject to antidilution protection. Investors will also receive a make-whole payment when they convert the notes, equal to the interest they would have received through the notes' maturity if they had not been converted.
The offering represents a 38.7% stake in Pacific Ethanol.
The company is also issuing seven-year warrants to buy 20.6 million shares for 85 cents each.
Goldman is investing $13 million, Heights is investing $3 million, Hudson Bay is investing $15 million, and Iroquois is investing $3 million.
Separately, Pacific Ethanol said it agreed to sell its minority interest in Front Range Energy LLC for $18.5 million. The company also agreed to buy a 20% stake in New PE Holdco LLC, which is the owner of Pacific Ethanol's previously-owned four ethanol production facilities, for $23.3 million.
Pacific Ethanol said it plans to retire $17 million in debt, accrued interest, and fees owed to Lyles United LLC and Lyles Mechanical Co. The debt owed to Lyles United and Lyles Mechanical has been in default since last year.
The balance of the proceeds from the offering and sale of the Front Range stake will be used to pay transaction fees and provide $10 million in cash reserves to Pacific Ethanol.
Source: PrivateRaise |
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