Pacific Ethanol Announces Notes Offer, Stake Sale

September 28, 2010

Pacific Ethanol (PEIX) today announced its plans to issue $35 million in senior convertible notes, as well as an agreement to sell its minority ownership in Front Range Energy for $18.5 million in cash. Pacific Ethanol also announced it has agreed to purchase a 20% ownership interest in New PE Holdco, the owner of four of its previously owned ethanol production facilities, for $23.3 million The company will also retire $17 million in corporate debt, and will increase its cash reserves by $10 million.

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