Funds Will Give Blended Fuels Entity Additional Capital to Expand
REG Energy Services, LLC, a wholly-owned subsidiary of Renewable Energy
Group, Inc. (NASDAQ:REGI) has secured a $30 million line of credit from
Iowa-based Bankers Trust, the company announced today.
The line is a one-year credit facility, with an accordion option to
expand to $40 million, subject to customary conditions.
“This credit line gives REG Energy Services additional capital to expand
our blended fuel offerings and add to our already expansive distribution
network,” said Chad Stone, REG Chief Financial Officer. “It also frees
up capital allocated to the business from other sources. We are very
grateful to Bankers Trust Company for seeing the strength of this part
of our business and committing these funds to allow us to further grow.”
“Bankers Trust is focused on helping customers reach their goals,” said
Don Coffin, President. “We are dedicated to providing excellent service
and supporting economic development, so we are thrilled to help REG
Energy Services as it looks to expand.”
REG Energy Services offers ultra-low sulfur diesel (ULSD) and biodiesel
blends from B2 to B20 (2% to 20% biodiesel) at more than 20 terminal
locations throughout the Midwest and Northeastern US. It also offers
heating oil and heating oil blends up to B5 (5% biodiesel) at the
northeastern locations.
About Renewable Energy Group
Renewable Energy Group, Inc. is a leading North American advanced
biofuels producer and developer of renewable chemicals. REG utilizes a
nationwide production, distribution and logistics system as part of an
integrated value chain model to focus on converting natural fats, oils
and greases into advanced biofuels and converting diverse feedstocks
into renewable chemicals. With 12 active biorefineries across the
country, research and development capabilities and a diverse and growing
intellectual property portfolio, REG is committed to being a long-term
leader in bio-based fuels and chemicals.
For more than a decade, REG has been a reliable supplier of advanced
biofuels which meet or exceed ASTM quality specifications. REG sells
REG-9000 biomass-based diesel to distributors so consumers can have
cleaner burning fuels that help diversify the energy complex and
increase energy security. REG-9000 biomass-based diesel is distributed
in most states in the US. REG also markets ultra-low sulfur diesel and
heating oil in the northeastern and midwestern US. For more information
on REG visit our website at www.regi.com.
Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995 as
amended, including statements regarding our energy services segment and
our future growth. These forward-looking statements are based on current
expectations, estimates, assumptions and projections that are subject to
change, and actual results may differ materially from the
forward-looking statements. Factors that could cause actual results to
differ materially include, but are not limited to, the risks and
uncertainties described from time to time in REG's annual report on Form
10-K, quarterly reports on Forms 10-Q and other periodic filings with
the Securities and Exchange Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160318005093/en/
Copyright Business Wire 2016
Source: Business Wire
(March 18, 2016 - 8:00 AM EDT)
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