Pacific Ethanol Prices Offering Of 1.75 Mln Shares At $16/shr - Quick Facts

(RTTNews) - Pacific Ethanol Inc. (PEIX), the producer and marketer of low-carbon renewable fuels in the Western United States, announced it has priced an underwritten offering of 1.75 million shares of its common stock at a price to the public of $16.00 per share, for gross offering proceeds of $28.0 million.

The company expects the net offering proceeds to the company from this offering to be about $26.0 million, after deducting underwriting discounts and commissions and other estimated offering expenses.

The company plans to use the net proceeds from the offering to pay approximately $0.9 million in outstanding principal and accrued and unpaid interest owed under the terms of its senior unsecured notes, and will use the remaining balance of the net proceeds from the offering for general corporate purposes.

The offering is expected to close on or about April 8, 2014, subject to customary closing conditions.