AMES, Iowa – (COMMERCIAL THREAD) – Renewable Energy Group, Inc. (NASDAQ: REGI) today announced that the company has extended and increased its line of credit with Wells Fargo Capital Finance, a division of Wells Fargo Bank, Fifth Third Bank and Bank of America to a maximum of $ 250 million. This is a five-year extension to September 2026 of the company’s existing line of credit which was previously up to $ 150 million and is said to expire at the end of September 2021.
Along with the increase in borrowing capacity to a maximum of $ 250 million announced today, the company also has the right to request additional revolving loan commitments, if lenders agree and subject to customary conditions. , to further expand the range of credit up to $ 350 million.
“We believe this increased line of credit reflects the strength of our business model, performance and growth potential supported by a strong balance sheet,” said Craig Bealmear, CFO of REG. “We are grateful for the relationship and commitment Wells Fargo and Fifth Third have shown over the past five years and we are delighted to welcome Bank of America to the line of credit banking group.”
“This increased line of credit is a testament to the confidence in the future of renewable fuels and the very real societal demand for cleaner, lower carbon fuels,” said REG President and CEO , Cynthia ‘CJ’ Warner. “We remain focused on executing our business strategy and delivering true carbon emission reduction solutions that have a positive environmental impact today. ”
About the Renewable Energy Group
Renewable Energy Group, Inc. is leading the transition of the energy and transportation industries to sustainability by transforming renewable resources into high-quality, sustainable fuels. Renewable Energy Group is an international producer of sustainable fuels that significantly reduce greenhouse gas emissions to immediately reduce the carbon impact. Renewable Energy Group uses an integrated global supply, distribution and logistics network to operate 11 biorefineries in the United States and Europe. In 2020, Renewable Energy Group produced 519 million gallons of cleaner fuel, generating 4.2 million metric tonnes of carbon reduction. Renewable Energy Group responds to growing global demand for low carbon fuels and paves the way for a more sustainable future.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our borrowing capacity, our ability to seek additional loan commitments, the strength of our business model, our potential growing societal demand for cleaner, lower carbon fuels, and executing our business strategy and delivering real solutions to reduce carbon emissions. These forward-looking statements are based on current expectations, estimates, assumptions and projections which are subject to change, and actual results may differ materially from forward-looking statements. Factors that could cause actual results to differ materially include, without limitation, our inability to access or increase our borrowing capacity under the Credit Facility, and other risks described in the Annual Report. REG on Form 10-K for the fiscal year ended December 31, 2020, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, and from time to time in other periodic filings of REG with the SEC. All forward-looking statements are made as of the date of this press release and we do not undertake to update any forward-looking statements based on new developments or changes in our expectations.