Biofuels producer REG increases credit line to USD 250m

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

October 5 (Renewables Now) - US biofuels producer Renewable Energy Group Inc (NASDAQ:REGI), or REG, has increased to a maximum of USD 250 million (EUR 215.5m) an existing credit line with Wells Fargo Capital Finance, Fifth Third Bank and Bank of America.

REG has also reached a five-year extension of the line of credit through September 2026. Previously, the facility was capped at USD 150 million and would have matured at the end of September 2021.

The company has also secured the right to request additional revolving loan commitments so that it can further expand the credit line to up to USD 350 million, it noted.

“We believe this increased line of credit reflects the strength of our business model, performance track record, and growth potential that is underpinned by a strong balance sheet,” commented CFO Craig Bealmear.

(USD 1.0 = EUR 0.862)

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