Pacific Ethanol secures $40 million funding

By | September 08, 2008
Through its marketing subsidiary Kinergy Marketing LLC, Pacific Ethanol Inc. closed on a $40 million revolving credit facility with Wachovia Capital Finance Corp. The credit facility, which matures in three years, replaces a $25 million credit facility between Kinergy and Comerica Inc. that started August 2007. According to Pacific Ethanol President and Chief Executive Officer Neil Koehler, the company sought this most recent funding to enhance liquidity and keep pace with its rapid growth, which will provide working capital that was subject to limitations based on qualifying collateral when it was finalized in August 2008.