Company Can Utilize Additional Credit to Fund Future Growth
AMES, Iowa--(BUSINESS WIRE)-- Renewable Energy Group, Inc. (NASDAQ:REGI) announced today that it has expanded its line of credit agreement with Wells Fargo Capital Finance, LLC from $40 million to $60 million.
In a filing with the Securities and Exchange Commission, REG disclosed that two wholly-owned subsidiaries exercised their option to expand the original line of credit, which was obtained in 2011. In addition to the line increase, the modification also increases REG’s ability to issue letters of credit from $10 million to $25 million.
“As our business continues to grow, so does our need for additional working capital,” said Chad Stone, Chief Financial Officer. “We built this option into the original agreement in anticipation of future needs. We appreciate the excellent working relationship we have with Wells Fargo and their increased support of our business.”
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 10 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.
Renewable Energy Group, Inc.
Anthony Hulen, +1 703-822-1972
Executive Director, Corporate Affairs
Source: Renewable Energy Group, Inc.
Released July 22, 2015